The Reserve Bank Board is widely seen as the most prestigious board appointment in Australia. It is far from demanding – imposing none of the normal corporate governance demands of other boards. Its members enjoy a lovely lunch (especially on Melbourne Cup day) and the RBA wine cellar is second to none. Each month the Board members get to hear about the Australian and world economies, and have a lively but gentle discussion as one would at a good dinner party. It is all care and no responsibility. In the end the decision – up, down or unchanged – is for the Governor backed by the Treasury Secretary.
In exchange for this privilege – sitting on Australia’s most prestigious Board – members are expected to keep their mouths shut. For a Board member to appear on Q&A is unthinkable. That would be for the Governor.
It seems Ridout was late for the induction. She has no role in appearing on Q&A.