What is the duty of the Reserve Bank of Australia (RBA)?

Question

BlackTom AI · Accepted Answer

The Reserve Bank of Australia’s statutory objectives, set out in the Reserve Bank Act 1959, explicitly define its duty to promote currency stability, full employment and the economic prosperity and welfare of the Australian people.

1. Relevant knowledge points and concepts
- The RBA is Australia’s central bank. Its primary functions are grounded in law (Reserve Bank Act 1959).
- The Act gives the Bank a set of broad objectives: contributing to the stability of the currency, the maintenance of full employment, and the economic prosperity and welfare of the people of Australia.

2. Step-by-step reasoning process
- Read each option and compare it to the statutory objectives in the Act.
- Option (a) mentions stability of the currency — this is one explicit objective.
- Option (b) mentions maintenance of full employment — also an explicit objective.
- Option (c) mentions economic prosperity and welfare of the people — likewise explicit.
- Option (d) states “All of the above,” which would be true only if (a), (b) and (c) are all duties of the RBA.

3. Calculations / intermediate steps
- No numerical calculations are required. The logical step is reading and matching each choice to the legal objectives.

4. Why the correct answer is correct
- Because all three individual items (currency stability, full employment, and economic prosperity/welfare) are enumerated duties in the Reserve Bank Act, the RBA’s duty is correctly summarized by “All of the above.” The Bank’s policies (monetary policy, financial stability measures, payments system oversight) aim to deliver on those interconnected objectives.

5. Why the other options are incorrect
- Option (a), (b) and (c) are each partially correct but incomplete: they state only one element of the RBA’s statutory duty. Each omits the other legally mandated objectives, so none of them alone is the full duty.

6. Conclusion
- Therefore the correct choice is d. All of the above, which matches the provided answer.

What is the duty of the Reserve Bank of Australia (RBA)?单项选择题

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