Why the RBA didn’t meet in March
The RBA meets on the first Tuesday of every month - or at least they used too.
When the first Tuesday of March (5th) rolled around a few weeks ago, there were a few people confused as to why there was no announcement from the RBA. Or any coverage about rate changes on the news.
Here’s what has happened with the RBA and there meetings for this year…
It has been decided that the RBA board will meet eight (8) times a year instead of the eleven (11) times it was previously.
From now on, the meetings will be held over two (2) days with the first day being on the Monday just before the rate decision. The Tuesday will still be the day in which the rate decision is handed down, at 2:30pm. Are there any other changes?
Are there any other changes to the RBA?
Governor Michele Bullock also committed to holding media conferences an hour after the decision is announced, starting at 3:30pm.
The changes, which were announced last year as part of wider reform measures, are designed to give the Reserve Bank Board more time between meetings to take on relevant data and advice, and to increase the banks' engagement with the wider public.
2024 NEW Reserve Bank Board meeting dates...
February 5-6 (COMPLETE)
March 18-19 (UPCOMING)
May 6-7
June 17-18
August 5-6
September 23-24
November 4-5
December 9-10
Impact on Financial Markets and the Economy
Given its central role, the RBA's actions have far-reaching consequences. Changes in interest rates, for instance, can influence exchange rates, asset prices, and consumer spending. Moreover, the RBA's signaling effect shapes market expectations, driving investment decisions and economic behavior. For all RBA cash rate data feel free to check our in-depth data here (updated monthly). Or visit the the RBA website.
