The ABC and Reserve Bank of AUST - both independent - one open and transparent and the other is the ABC
Why are the Board of the Reserve Bank of Australia's meeting records published, but proceedings of the Board of the ABC are secret? Thanks to reader Marmion for kicking this off.
The Reserve Bank of Australia
Minutes of the monetary policy meetings of the Reserve Bank Board are published two weeks after each meeting. (The Reserve Bank Board normally meets eleven times each year, on the first Tuesday of each month, except January.) Minutes were first published in December 2007.
Monetary policy –
“The Reserve Bank of Australia is responsible for formulating and implementing monetary policy...
The Reserve Bank Board sets interest rates so as to achieve the objectives set out in the Reserve Bank Act 1959
- the stability of the currency of Australia;
- the maintenance of full employment in Australia; and
- the economic prosperity and welfare of the people of Australia.”
Accountability for Monetary Policy
The Reserve Bank’s conduct of monetary policy is explained publicly through several channels. The Bank makes a public announcement of any policy decision, giving detailed reasoning for it. Minutes of the monetary policy meetings of the Reserve Bank Board are published two weeks after each meeting. It publishes four Statements on Monetary Policy each year, which contain a detailed analysis of the economy and financial markets, and an account of the considerations for the policy stance adopted by the Bank. The Governor appears twice each year before the House of Representatives Standing Committee on Economics, to answer questions on the Bank’s conduct of policy.”
The ABC Board
The duties of the Board are set out in section 8 of the Australian Broadcasting Corporation Act 1983,
8. (1) It is the duty of the Board: -
(b) to maintain the independence and integrity of the Corporation;
The ABC Board is responsible for the ABC’s operations.
The Board Protocol
The members of the Board of the Australian Broadcasting Corporation (ABC) agree to adopt, and be bound by, the letter and spirit of the following protocol.
… Directors have a right and a duty to raise matters of serious concern at Board meetings.
…Board agendas, papers, minutes and discussions are confidential to the Board.
Why do we have a secretive ABC, growing like topsy, kicking off new "ventures" like The Drum and the Fact Checking Unit, competing directly with private capital - and yet with a Board whose deliberationsare secret and necessarily made only with the interests of the "ABC" in mind.
Those interests tend to be the interests of the staff of the ABC.
It's time for some serious financial surgery.