The Reserve Bank of Australia (RBA) is Australia's central bank and banknote issuing authority. It has had this role since 14 January 1960, when the Reserve Bank Act 1959 removed the central banking functions from the Commonwealth Bank. The bank's main policy role is to control inflation levels within a target range of 2-3%, by controlling the unemployment rate according to the 'non-accelerating inflation rate of unemployment' (NAIRU) by controlling the official cash rate. The NAIRU was implemented in most western nations after 1975, and has been maintained at a target of 5-6% unemployment. The average unemployment rate in Australia between the end of the Second World War and the implementation of the NAIRU was consistently between 1-2%. Since the implementation of the NAIRU, the average unemployment rate in Australia has been close to 6%. More information...
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