Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The functions of the Monetary Policy Board are:
(a) to determine the monetary policy of the Bank in a way that, in the Board's opinion, best contributes to:
(i) price stability in Australia; and
(ii) the maintenance of full employment in Australia; and
(b) to determine the policy of the Bank (other than the payments system policy of the Bank) for contributing to the stability of Australia's financial system; and
(c) to promote the proper, efficient and effective implementation by the Bank of the policies mentioned in paragraphs (a) and (b); and
(d) any other functions conferred on the Board by this Act; and
(e) to do anything incidental or conducive to the performance of any of the above functions.
Note: One way the Monetary Policy Board contributes to the achievement of the Bank's overarching objective is by determining the policies mentioned in paragraphs (a) and (b).
(2) The Monetary Policy Board has the power to do all things necessary or convenient to be done for or in connection with the performance of its functions.
(3) However, the Monetary Policy Board must perform its functions and exercise its powers having regard to the duties of the Governance Board as the accountable authority of the Bank for the purposes of the Public Governance, Performance and Accountability Act 2013 .
(4) Without limiting section 87 (about the validity of acts of the Bank), any failure by the Monetary Policy Board to comply with subsection (3) of this section does not:
(a) affect the validity of the Board's performance of its functions or the exercise of its powers; or
(b) give rise to an action or other proceeding for damages.