The Corporate Plan is the RBA's primary planning document for the period from 2024/25 to 2027/28. It sets out the RBA’s objectives, how we intend to achieve them, and the strategic priorities that we will work towards over the coming four years.

It has been prepared in accordance with section 35(1)(b) of the Public Governance, Performance and Accountability Act 2013.

Download the Corporate Plan PDF version

Governor's Foreword

We are now in the second year of a four-year transformation plan to support our vision of being an open and dynamic central bank that is trusted for the quality of our analysis, policy and service delivery. Achieving this vision requires us to improve our monetary policy decision-making processes, enhance the resilience of our payment and banking services, continue to shape the future of money in Australia, strengthen our culture, and pursue smarter, simpler and faster ways of working.

We have a lot more work to realise this ambition fully. Nonetheless, our staff have made significant progress, with achievements of particular note during 2023/24 including:

• restructuring the rhythm of Reserve Bank Board meetings and the information that supports them, while expanding interaction between Board members and staff and enhancing our public communications
• enhancing the resilience of our banking and payments operations, such as working on the migration of transactional banking services to the cloud and commencing work to modernise our core IT infrastructure (including relocating one of our two primary data centres)
• conducting innovative studies to inform the potential case for issuing a central bank digital currency
• launching a new ‘Open & Dynamic’ target culture, with supporting activities to help staff realise this ambition
• appointing a Chief Operating Officer to oversee the delivery of key services supporting the day-to-day running of the RBA and to drive enterprise-wide efficiency and effectiveness.

All of this has been done while relocating our head office to temporary accommodation in the Sydney CBD and planning an extensive remediation of our permanent head office building at 65 Martin Place.

The environment in which we operate continues to be challenging and the scale of work involved in achieving this transformation is demanding. The risks we are currently managing are considerable. Despite this, I have confidence that we have the right people and processes in place to meet our objectives in 2024/25 and to deliver on our strategic priorities over the coming years.

The Reserve Bank of Australia’s 2024/25 Corporate Plan covers the period from 2024/25 to 2027/28. It has been prepared in accordance with section 35(1)(b) of the Public Governance, Performance and Accountability Act 2013. The accountable authority of the Reserve Bank of Australia is the Governor.

Michele Bullock
Governor
Reserve Bank of Australia