Meeting with the Reserve Bank Deputy Governor

Posted: 7 June 2024

Meeting with the Reserve Bank Deputy Governor

Chamber Round-table with RBA Deputy Governor

The Chamber of Commerce hosted a round-table with the Reserve Bank of Australia yesterday to discuss  pressing economic challenges in our region, including rising insurance costs and labour availability. The meeting, attended by the new RBA Deputy Governor Andrew Hauser, and a range of Chamber members provided a platform for direct dialogue about the economic conditions affecting our community.

Chamber President Miranda Mears emphasised the importance of the discussions :

“There were a number of opportunities and challenges presented, with businesses in attendance expressing optimism about a solid pipeline of projects, strong growth in property prices, and low vacancy rates in commercial properties, which is welcome news for the region,” Ms Mears said.

“However, concerns were raised about labour affordability and availability, insurance costs, stamp duty, and equitable accessibility for regional businesses.

“It is critical to ensure that government decisions are made in consultation with an understanding of their impact on industry.”

"The Chamber values the RBA's efforts to understand the local economic landscape, acknowledging that no single agency can address all issues alone. We need to allocate funding for outcomes, not just delegations,” she added.

The New Deputy Governor of the RBA Mr Hauser expressed his appreciation for the opportunity to engage directly with local businesses and community representatives:

“Getting out and about in this way is a really vital part of ensuring we set monetary policy for all Australians, and draw directly on people’s experience as well as the aggregate economic statistics – and of course for me as a relative newcomer to the role, it’s a vital part of my wider education about how all parts of the Australian economy work,” Mr Hauser said.

“We had a really rich discussion … hearing about the huge opportunities in the region, but also the challenges, including those around labour supply, housing, costs, and inflation.”