Reserve Bank Act 1959

The Monetary Policy Board is taken to have made a decision at a meeting if:

without meeting, a majority of the members of the Board entitled to vote on the proposed decision indicate agreement with the decision; and

that majority would have constituted a quorum at a meeting of the Board; and

that agreement is indicated in accordance with the method determined by the Board under subsection (2); and

all the members of the Board were informed of the proposed decision, or reasonable efforts were made to inform all of the members of the Board of the proposed decision.

Subsection (1) applies only if the Monetary Policy Board:

has determined that it may make decisions of that kind without meeting; and

has determined the method by which members of the Board are to indicate agreement with proposed decisions.

For the purposes of paragraph (1)(a), a member of the Monetary Policy Board is not entitled to vote on a proposed decision if the member would not have been entitled to vote on that proposal if the matter had been considered at a meeting of the Board.

Sections 7D and 7E affect the member’s entitlement to vote on matters at meetings of the Board.

The Monetary Policy Board must keep a record of decisions made in accordance with this section.