Monetary Policy Statement

The Reserve Bank publishes its Monetary Policy Statement (MPS) quarterly. Each Monetary Policy Statement must set out:

  • how the Reserve Bank proposes to achieve its targets;
  • how it proposes to formulate and implement monetary policy during the next five years; and
  • how monetary policy has been implemented since the last Monetary Policy Statement.
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The Reserve Bank has historically published projections for the 90-day bank bill rate in its quarterly Monetary Policy Statements. From the November Statement, interest rate projections will instead be for the Official Cash Rate (OCR). The projections will continue to be on a smoothed quarterly average basis.
Chronology of Monetary Policy Statements
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