House Standing Committee on Economics
5 February 2026
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House Standing Committee on Economics Australian Parliament
10:10 - 12:59
Speaker 6
I'd like to declare open this hearing of the House of Representatives standing committee on economics for the review of the Reserve Bank of Australia annual report 2025. I do so, by acknowledging first the Ngunnawal and Nambri on whose lands we meet today, and I pay my respects to elders past and present. I also extend that respect to any aboriginal and Torres Strait Islander peoples joining us today. Can I also begin by extending a welcome to the representatives of the Reserve Bank of Australia, to also my fellow committee members and the members of the public and the media in the room and watching online? Let me begin as I did last September by reiterating the value of these hearings in providing an important accountability and transparency platform.
They provide an opportunity for the parliament and for Australians more broadly to better understand the conduct of monetary policy and the Reserve Bank's assessment of current economic conditions and the outlook ahead. The period covered by the annual report has been one of continued adjustment for the Australian economy. A new phase in domestic economic activity appears to be emerging with growth increasingly led by private demand supported by stronger household consumption, dwelling investment, and business investment. The latest data shows a record number of Australians in work and the employment rate remaining low. Against this backdrop, Australians continue to face cost of living pressures, and it's valuable to emphasize the importance of careful balanced policy decisions that support price stability while also preserving the gains made in employment and economic participation.
Strengthened private demand suggests growing confidence in parts of the economy and raises important questions about productivity, capacity, and long term growth. The global environment remains uncertain. Heightened geopolitical tensions, shifts in global trade policy, ongoing challenges around productivity, and competition across advanced economies continue to shape the outlook facing central banks. More recently, appreciation of the Australian dollars added another dimension to that outlook. In accordance with the committee's resolution of 07/31/2025, today's hearing is being broadcast on the parliament's website, and the proof and official transcript of the proceedings will be published in due course.
Given the strong public interest in these matters, I remember all... I remind all present that these are parliamentary proceedings and must be conducted with decorum and respect. Media are permitted to record the hearing but are asked to report proceedings fairly accurately to avoid any interference with the committee's work, and they must not film or photograph documents or devices of committee members, witnesses, or others. Again, I welcome the representatives of the Reserve Bank of Australia. Thank them for appearing before the committee today.
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