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RBA Governor criticised over lack of disclosure.



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Melbourne Canberra

(03) 9898 0675 (02) 6277 4127

Anna Burke MP FEDERAL MEMBER FOR CHISHOLM

PRESS RELEASE 23 September 2002

RBA GOVERNOR CRITICISED OVER LACK OF DISCLOSURE

Reserve Bank Governor, Ian Macfarlane today came under fire for his lack of openness before the House of Representatives Economics, Finance and Public Administration Committee’s investigations into the RBA.

Committee Deputy Chair, Anna Burke, who has in the past praised the Governor for his openness said “the Governor has not been as frank with the committee about currency swaps, as the committee would expect him to be.”

“I am not asking the Governor nor the Bank to destabilise the economy by reporting to us current interventions but historical data which can have no bearing on the market would seem a reasonable thing for the Governor to comment on at the time.

“The committee in its report has highlighted the need to ensure that when directly asked the RBA should provide answers and that this can be accommodated in an in-camera session if the information is market sensitive.

“The Governor’s appearance before this house committee is an essential component of ensuring that there is confidence in the activities of the Reserve Bank” Ms Burke concluded.

The Governor appears before the Economics, Finance and Public Administration Committee biannually.

Further information Anna Burke MP 0418 326 452

Simon Hammersley 0419 874 067