What does the Reserve Bank do?

What does the Reserve Bank do?


(BACKGROUND MUSIC PLAYING…) VOICEOVER: The Reserve Bank is Australia’s central bank. We aren’t like a commercial bank, in that
we don’t provide bank accounts or loans to the public. We set the official interest rate for Australia,
which is called the cash rate. This rate influences the interest rates on
savings and loans; it ensures that prices for goods and services don’t rise too quickly. At the Reserve Bank, we know how important
this decision is so we look at the economy in detail. We also keep a close eye on Australia’s financial
system, ensuring that it’s healthy and stable so that your money is safe. We ensure that the payment systems you use
are secure and working efficiently. We make and distribute Australia’s banknotes. Our banknotes’ cutting-edge security features
make them some of the most secure in the world, with more than $74 billion worth of banknotes
in circulation. We are the banker for the government. For example, when you visit the doctor and
receive a Medicare rebate, we process the payment for the government. Every year we process over 300 million payments
on behalf of government agencies. We do all of these things to help protect
and support the economic welfare of all Australians. Learn more at www.rba.gov.au/education

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