Sack the RBA board and rewrite their policies
The issue
I have watched families in Australia struggle with the rising cost of living, and I believe the Reserve Bank of Australia's approach does not reflect the pressures many households face.
What the RBA does. Under the Reserve Bank Act 1959, the Bank's overarching objective is to "promote the economic prosperity and welfare of the people of Australia both now and into the future" (s8AA). The Monetary Policy Board sets monetary policy in the way it believes best contributes to price stability and the maintenance of full employment (s9B). On 29 September 2026 the Board raised the cash rate target by 0.25 percentage points to 4.60%, citing elevated inflation (RBA media release 26-27).
What I believe. Higher interest rates raise repayments for people with mortgages and other loans. I am concerned about the effect on households, small businesses and students, and I believe the Board should give more weight to cost-of-living pressures.
What I am asking for. I am asking the Government to replace the members of the Reserve Bank's Monetary Policy Board and to review the Bank's policies, with a focus on sustainable growth, fair interest rates and housing affordability. I also ask for a board that reflects Australia's economic and demographic diversity, and for more transparency and public involvement, beyond the existing published minutes and parliamentary hearings.
What this petition is and is not. This is my personal view as a member of the public. It is not an official RBA or Parliament document. A Change.org petition has no legal force and does not by itself require Parliament or the Government to act. Under the Act, board members are appointed by the Treasurer (s25AB), and the Treasurer may terminate an external Monetary Policy Board member only for misbehaviour or incapacity (s25AM), so any change is a decision for the Government.
Sources: RBA decision 29 Sep 2026 https://www.rba.gov.au/media-releases/2026/mr-26-27.html | RBA boards https://www.rba.gov.au/about-rba/boards/ | RBA accountability https://www.rba.gov.au/about-rba/accountability/
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The issue
I have watched families in Australia struggle with the rising cost of living, and I believe the Reserve Bank of Australia's approach does not reflect the pressures many households face.
What the RBA does. Under the Reserve Bank Act 1959, the Bank's overarching objective is to "promote the economic prosperity and welfare of the people of Australia both now and into the future" (s8AA). The Monetary Policy Board sets monetary policy in the way it believes best contributes to price stability and the maintenance of full employment (s9B). On 29 September 2026 the Board raised the cash rate target by 0.25 percentage points to 4.60%, citing elevated inflation (RBA media release 26-27).
What I believe. Higher interest rates raise repayments for people with mortgages and other loans. I am concerned about the effect on households, small businesses and students, and I believe the Board should give more weight to cost-of-living pressures.
What I am asking for. I am asking the Government to replace the members of the Reserve Bank's Monetary Policy Board and to review the Bank's policies, with a focus on sustainable growth, fair interest rates and housing affordability. I also ask for a board that reflects Australia's economic and demographic diversity, and for more transparency and public involvement, beyond the existing published minutes and parliamentary hearings.
What this petition is and is not. This is my personal view as a member of the public. It is not an official RBA or Parliament document. A Change.org petition has no legal force and does not by itself require Parliament or the Government to act. Under the Act, board members are appointed by the Treasurer (s25AB), and the Treasurer may terminate an external Monetary Policy Board member only for misbehaviour or incapacity (s25AM), so any change is a decision for the Government.
Sources: RBA decision 29 Sep 2026 https://www.rba.gov.au/media-releases/2026/mr-26-27.html | RBA boards https://www.rba.gov.au/about-rba/boards/ | RBA accountability https://www.rba.gov.au/about-rba/accountability/
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Petition created on 29 September 2026