Reserve Bank of Australia governor Michele Bullock during a press conference
Share this @internewscast.com

This afternoon, the Reserve Bank did something it had never done before.

And no, it wasn’t disappointing millions of borrowers by keeping interest rates on hold at 3.85 per cent in a call that shocked financial markets.

For the first time, a detailed account was provided on how many board members voted in favor of the decision and how many opposed it. This is a significant departure from the usual practice where Governor Michele Bullock would simply be asked after each meeting if the decision was unanimous.

Reserve Bank of Australia governor Michele Bullock during a press conference
The Reserve Bank has started publishing the results from its monetary policy decision votes. (Dominic Lorrimer)

In the recent meeting, six members supported the decision, while three were against it. Bullock remarked that this division “demonstrates, I hope, that there was really good active debate in the boardroom about the pros and cons of holding and easing.”

Treasurer Jim Chalmers welcomed the change, saying the added transparency around the 6-3 majority decision was a positive development.

“Obviously, it will be a point of interest that the Reserve Bank board was not unanimous on this occasion, and that there were differing opinions expressed around the boardroom table,” he told reporters.

“We know that because of the publication of these unattributed votes.

“I think that transparency is a welcome change, and I’m grateful to the Reserve Bank and particularly to [Bullock] for the role that she has played in making sure that those decisions are more transparent.”

In her press conference following her board’s decision, Bullock said she wouldn’t reveal which way she – or anyone else – voted.

“They’re unattributed votes … they are unattributed for a reason,” she says.

“And so the answer to that is no, I won’t tell you how I voted.”

She said publishing the votes would “stifle free and frank debate”, and Chalmers agreed the new policy struck the right balance.

Australian Treasurer Jim Chalmers during an address at the National Press Club in Canberra.
Jim Chalmers welcomed the decision to publish the final vote counts. (Rohan Thomson)

“This is an appropriate level of transparency,” he said.

“It’s certainly much more transparency than we’ve seen … and so I think a very big step in the right direction.

“We want to make sure that people can participate in these Reserve Bank meetings openly, and that the public knows whether the decision was taken unanimously or otherwise.”

Share this @internewscast.com
You May Also Like

More Than $93 Million: The Reason Banks Are Reimbursing Low-Income Customers

Banks that imposed hefty fees on low-income Australians have agreed to repay…
Nationals Leader David Littleproud claims Agriculture Minister Julie Collins ignored advice from the Inspector-General of Biosecurity when she lifted a ban on beef imports from the United States.

Nationals Claim Government Didn’t Seek Scientific Advisory Group’s Advice on US Beef Import Ban

The Nationals have accused Agriculture Minister Julie Collins of bypassing the Scientific…
Stargazers have the chance to see a spectacular meteor show this week.

Guide to Viewing the Southern Delta Aquariids Meteor Shower This Week

Stargazers have the chance to see a spectacular meteor show this week.…
An Aussie with a TAFE IT Advanced Diploma shared the horror of seeing more than 900 people applying for just one entry level role on the job website SEEK

Small Job Ad Detail Reveals Major Issue in Pursuing Entry-Level Positions: ‘I Was Caught in This Pitfall’

Young Australians have expressed their frustration about competing with hundreds of other…

The Albanese administration pushes forward with promise to limit prescription costs to $25

The Albanese government says it will introduce legislation this week to cap…
Demonstrators take to the streets of Sydney every Sunday.

NSW Police to Prevent Pro-Palestine Demonstration on Sydney Harbour Bridge

NSW Police plan to block a march across the Sydney Harbour Bridge…

For the First Time: Two Major Israeli NGOs Accuse Israel of ‘Genocide’ in Gaza

Rights groups B’Tselem and Physicians for Human Rights Israel said overnight they…
Authorities have warned drivers to stay off their mobile phones.

Unexpected Age Group Receives the Least Fines for Phone Use While Driving

The number of drivers using their phones while driving has decreased notably…
A controversial new fee for the Sydney New Year's Eve fireworks is being debated.

Sydney Council Discusses Admission Fee for New Year’s Eve Fireworks Event

A controversial new fee for the Sydney New Year’s Eve fireworks is…

Cambodia Refutes Thailand’s Accusations of Ceasefire Violation Amid Citizen’s Optimism for Lasting Peace

A shaky ceasefire between Thailand and Cambodia appeared to be holding Tuesday,…
'Nobody was supposed to die': Key witness opens up about deadly Adelaide shooting

‘No Lives Were Meant to Be Lost’: Key Witness Shares Insights on Fatal Adelaide Shooting

Exclusive: A crucial witness in a fatal Adelaide shooting revealed to 9News…
A young woman wearing headphones walks past a billboard advertisement for YouTube on September 27, 2019 in Berlin, Germany. YouTube has evolved as the world's largest platform for sharing video clips. (Photo by Sean Gallup/Getty Images)

YouTube Subject to Under-16 Social Media Restrictions

The Google-owned platform lobbied for the government to exempt it from the…