Meetings of the Reserve Bank Board
The Reserve Bank Board meets eleven times each year, on the first Tuesday of each month, except January. Most meetings are held at the Head Office in Sydney. A meeting is held in Melbourne at least every second year. In addition, a meeting is held in another Australian city each year.
Five members form a quorum for a meeting of the Reserve Bank Board, which must be chaired by the Governor or, in his absence, the Deputy Governor. The Reserve Bank Act provides for decisions to be reached by a majority of the votes of the members present and voting, with the Chair having a casting vote, if necessary, in addition to a deliberative vote. Minutes of the monetary policy meetings of the Board are published two weeks after each meeting. The Governor and Deputy Governor do not participate in deliberations of the Board related to the terms and conditions of their employment. Meetings are held in the Boardroom of the Reserve Bank's Head Office in Sydney or a similar facility in one of the Bank's State Offices when meetings are held interstate (a secure location is used in Australian cities where the Bank is not represented). Meetings commence at 9.00 am and generally run for around three and half hours, and conclude with a light lunch to which a guest is usually invited. Meetings held interstate are followed by a dinner with the local community.