RBA dep gov Michele Bullock speaking – addressing bond review report


The review was posted earlier:

RBA review of bond buying program – full text

Bullock now comments (Headlines via Reuters):

  • RBA’s accounting loss in 2021/22 was net $36.7 billion

  • The loss on bond holdings brought equity to -12.4 billion euros
  • A negative capital position will not affect RBA’s ability to do its job
  • Can create money to meet our obligations, so RBA is not insolvent
  • Will retain future earnings, pay no dividends to government until capital is restored
  • Government bond issuer to make offsetting valuation gain on RBA bond holdings
  • The RBA will return to positive equity over time


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