The Reserve Bank has extensive liaison with members of the community and values the insights and understanding this brings. It is seeking to strengthen its existing dialogue with the economics profession. To do this, the Bank is establishing a panel of private sector economists and will hold at least biannual meetings with the panel. It is also increasing the number of attendees at meetings of the existing panel of economists from academia and will meet with this panel at least biannually.
The meetings of both panels will be chaired by the Governor and senior Bank staff will participate. It is envisaged that both panels will consist of up to a dozen members, with participation rotating over time.
The first meeting of the panel of private-sector economists is planned for 6 October and the meeting of the academic panel will be held on 27 September. The agenda will include the current challenges facing the economy and the appropriate role of forward guidance in monetary policy. The discussion on forward guidance will be particularly useful ahead of a review of the Reserve Bank Board’s approach at its November meeting.
Governor Philip Lowe said, ‘This is an opportunity for us to hear and discuss the views of other economists in a more structured way than has been done to date. We look forward to listening, discussing and learning.’
This engagement builds on the regular contact that the Bank staff already have with private-sector economists, academics, as well as the longstanding business and community liaison program, the small business finance advisory panel and the educators advisory panel.