The Review of the RBA found the flexible inflation targeting framework with a goal of 2-3 per cent used by the RBA to pursue its monetary policy objectives is broadly fit for purpose. However, the review made several recommendations to clarify the Reserve Bank Act (1959) and the agreement between the Treasurer and the RBA board in the Statement on the Conduct of Monetary Policy to improve monetary policy decision-making, communication and accountability.

The review proposes a dual mandate for the RBA to best contribute to price stability and full employment, with each given equal consideration. This does not mean equal weight. It also does not mean adopting a full employment target or a fixed decision rule for how monetary policy responds to inflation and employment. Some have questioned why we would specify the objectives of the RBA in this way.