Financial System Group comprised of System Stability Department and Payments Policy Department, carries out the Bank's work in these areas. Much of the Group's work requires the ability to use strong analytical skills to address a broad range of policy issues. The Group liaises extensively with the private sector, financial sector supervisors and regulators in Australia and with other central banks.

To be considered for a graduate position in Financial System Group you must have a superior honours or post-graduate degree in economics, commerce and/or finance. A solid background in econometrics, accounting or law would also be an advantage in some positions. Work experience gained in a financial institution would be well regarded.

System Stability Department helps safeguard the stability of the financial system. This involves wide-ranging analysis and research to understand evolving risks within the macroeconomy, financial markets and among financial intermediaries. Work in the Department has an important international dimension, as the performance of the Australian financial system is often tied closely to developments overseas.

The Department is also involved in the development of crisis management arrangements which will enable the Bank to respond promptly to financial disturbances that have the potential to undermine confidence in the financial system. Important in this regard is the Department’s role of secretariat for the Council of Financial Regulators – comprising APRA, ASIC, RBA and the Commonwealth Treasury. In addition, the Department supports the Bank's representatives on a number of international committees, including the Financial Stability Forum.

As a new graduate you will monitor and develop expertise in a specific area relevant to financial system stability. Your work will be incorporated into the Department’s main external publication, the semi-annual Financial Stability Review.

There is also considerable scope for you to work with more experienced staff on projects outside of your area of immediate responsibility. This will help you to quickly gain a broad understanding of the interactions between financial markets, financial institutions and the macroeconomy. As you gain experience and develop key skills, your level of responsibilities will rise. Other external publications your work may contribute to include Bulletin articles, conference papers, speeches by senior management and Research Discussion Papers.

Since joining the Bank in 2000, I have had the opportunity to work in two departments. I am now working in System Stability Department where I have worked on a variety of interesting and diverse projects, relating to both domestic and international system stability. I currently have responsibility for monitoring developments in the household sector and housing market that have the potential to affect the health of the financial system. One project that I have worked on which has given me many unique experiences has been a study of Australian credit risk transfer markets (which are markets for securitised assets, credit derivatives and other structured debt products). Much of the information used in this study was compiled from interviews we conducted with financial institutions, enabling me to learn first-hand about the issues involved with these types of financial markets. Also as part of the project, I was given the opportunity to travel to Switzerland to attend a seminar at the Financial Stability Institute. Participation in this seminar enabled me to meet staff from other central banks and compare the experiences in Australia with those of other countries. I have subsequently co-authored a Bulletin article on credit risk transfer, and have contributed to briefings for international working groups. Working in System Stability Department offers a great mix of current analysis and longer-term projects. This, together with an exposure to experienced staff, provides a work environment that is both challenging and rewarding. The opportunity to work in other departments has also enabled me to develop a broad range of skills, as the first area that I worked in within the Bank - Note Issue Department - had a strong business focus and involved liaison with people and institutions responsible for note distribution. Erin - B.Ec (Hons), University of Sydney

I began working at the Bank in 2000 as a graduate in Economic Group providing advice on macroeconomic conditions in Japan. One of the first things that struck me about the Bank was the level of responsibility entrusted to new graduates: my advice on Japan contributed to the Bank's assessment of the international environment, and I was encouraged to participate in the regular discussions on monetary policy within Economic Group. Within the Bank, there is also plenty of scope to move between departments and develop a broad range of policy skills. After working for 18 months in Economic Group, I was transferred to System Stability Department, where I have been involved in research into financial system policy. The Bank's commitment to the professional development of its staff is excellent. In addition to seminars from highly regarded international economists and an excellent research library, the Bank actively encourages staff to pursue additional study. I was fortunate enough to be awarded a scholarship from the Bank to pursue a post-graduate degree in economics in the UK - an experience I enjoyed immensely. Since returning from the UK I have been able to build further on my studies through a management role in System Stability Department. Graduate work is challenging, interesting and worthwhile. The opportunity to work on public policy issues with highly committed colleagues is something that I value enormously. A difficult question is always met with enthusiasm and there are plenty of opportunities for fruitful debate. There are few places that offer the kind of professional development, intellectual challenges and enjoyable work environment that are a routine feature of a Bank career. Phil - B.Ec (Hons), Macquarie University; M.Sc, London School of Economics

Payments Policy Department supports the Reserve Bank's Payments System Board (PSB) in its mandate to control risk in Australian payments and securities clearing and settlement systems and to promote efficiency and competition in the Australian payments system. It provides analytical support to the PSB, advises on the policy agenda and implements the PSB's policies.

The Department's work involves research and analysis on matters relating to the efficiency and safety of the Australian payments system, and on risk control issues relating to settlement of securities and derivatives trades. An important part of the Department's work is identifying ways in which existing arrangements might be improved and developing strategies for realising these improvements. Information gathering from industry participants and service providers, liaison with other domestic and overseas financial sector regulators and benchmarking domestic clearing and settlement systems relative to overseas systems are also important tasks, as is keeping abreast of technological innovation and its potential impact on systems which fall within the PSB's responsibility.

Graduates in Payments Policy Department will work on policy related issues and can expect to contribute to the provision of analysis and advice to the PSB. Day-to-day, they might be expected to be an 'expert' on a particular part of the payments system or on a securities settlement system operating in Australia or overseas. They will help to support the Department's participation on industry and international committees and will be encouraged to participate in meetings and liaison with the industry.

Most of the work is project oriented. Project teams are typically quite small with direct interaction between members of the team, regardless of seniority. Staff are drawn from different areas of the Department depending on the skills required.

Graduates can expect to be involved in a number of different projects during their time in the Department. In the efficiency area for example, they could expect to apply economic techniques to such areas as measuring the cost of the payment system and analysing the pricing of credit card services. Those in the stability area might be involved in assessing the safety of clearing and settlement arrangements for particular types of securities trades. These projects often result in papers for the PSB or a document published by the Bank.

Staff are encouraged to share their work with colleagues, including through notes and informal seminars. Graduates can expect to quickly be given the opportunity to take responsibility for particular aspects of a project.

In addition to supporting staff wanting to further their formal education in fields relevant to their work, the Department also sends its staff, including relatively new graduates, to seminars and conferences on topics of particular relevance.

Following completion of an honours degree in Economics, I joined the Reserve Bank in 2000. The opportunity to work at one of Australia's leading policy-making institutions greatly influenced my decision. My work in Payments Policy Department has required me to apply and develop economic, finance and legal skills with respect to a range of payments issues. I have been involved in a number of projects concentrating on liquidity and credit risks in Australia's securities markets, legal and regulatory frameworks in important international financial markets, and the reform of credit card schemes in Australia. These projects have required research and analysis into the theory and practice of payments systems in Australia and around the world, as well as extensive liaison locally, interstate and overseas. Throughout these projects a strong focus on practical policy outcomes has been assured through regular reporting to the Bank's Payments System Board. The Bank has a strong culture of further development through extensive training programs and the ability to conduct and present individual research. The Bank also provides generous support for further study; I was able to complete a part-time Graduate Diploma in Securities and Finance Law in 2002 with the Bank's support. Matt - B.Com (Hons), University of Melbourne

I joined the RBA as a graduate in 2003 after completing a combined Law/Economics degree. I was attracted to working at the Bank because of its reputation as a policy-making body and the opportunities for further training and development. As part of the Graduate Development Program, I have attended numerous courses. My work in Payments Policy Department has focused on the safety and stability of the payments system. I have worked on a range of projects, including one on international best practice in the oversight of payments systems. This has involved extensive liaison with other areas of the Bank, research on overseas payments systems and contributing to policy papers for the Payments System Board. I have been fortunate that my work has used aspects of both my law and economic degrees. Payments Policy derives its responsibilities and powers from legislation, but economic principles underlie the policies. As an interstate graduate, I found the Bank supportive and flexible in helping me to settle in Sydney. Starting work with a large group of people in similar circumstances was invaluable. Bernadette - LLB/B. Ec (Hons), University of Western Australia

To be considered for a graduate position in the Business Services Group, you must have a superior honours or post-graduate degree in economics, commerce, finance or related discipline.

Issuing currency notes is a core function of central banks around the world. In the Reserve Bank, this function is performed by Note Issue Department. Note Issue is responsible for managing all aspects of Australia’s note issue; from ensuring that the public has sufficient good quality notes, to ensuring that new notes are distributed efficiently and cost effectively, to the development of new notes incorporating the latest security features, to minimizing the incidence of counterfeiting.

Creating a new note is a complex and demanding task which seeks to marry different and often conflicting objectives. Fundamentally, a banknote is a security document that must also satisfy the requirements of many users and be aesthetically pleasing. The process of the design and production of new notes involves teams of scientific and production specialists, historians and designers.

Once a note design has been approved, it is printed by Note Printing Australia (NPA), a wholly owned subsidiary of the RBA, located in Melbourne. Notes are printed on state-of-the-art material produced by Securency, a joint venture between the RBA and Innovia.

Notes are ordered from Note Issue by commercial banks and distributed from the RBA's National Note Processing and Distribution Centre at NPA to cash centres throughout Australia.

Having only good quality notes in circulation helps to maintain confidence in Australia's currency by making it more difficult for counterfeit notes to be passed or remain in circulation. Unfit notes are withdrawn from circulation, destroyed, and replaced with new notes.

To manage the nation’s currency, Note Issue is organised into three groups:

Notes Distribution & Processing Operations is responsible for forecasting the public's demand for currency; managing the issue and distribution of notes to commercial banks; processing notes returned by banks for authenticity and fitness; and destroying unfit notes.

Note Development, Research and Security manages the development of new note designs and undertakes research into all aspects of banknote and other payment mechanisms as they may impact on currency. This includes research into counterfeiting activity, technologies to defeat or deter counterfeiting, new note designs and security features.

Note Quality is responsible for ensuring new notes produced are of the highest quality, and that notes in circulation are of a high standard. This group is also responsible for managing note production.

Work in Note Issue is highly varied, interesting and challenging. As graduates gain experience, their responsibilities increase and they may become involved in liaising with different external organizations, including other central banks, law enforcement agencies, industry suppliers and other stakeholders.

I joined the RBA in 2002 after completing an honours degree in Finance. I was attracted to the Bank because of its central place in the Australian financial system, and the unique and intellectually challenging opportunities on offer. As a graduate in the Note Development, Research and Security section of the Note Issue Department, I have undertaken a variety of tasks regarding economic, legal and technical aspects of currency notes. Some of the topics explored include seigniorage, the economics of counterfeiting, legal tender issues, and the cancellation of Australian notes. Technical projects have covered the processing of currency notes through note acceptors and automatic teller machines, and the recycling of polymer notes. I have gained a thorough knowledge of currency note printing, and spent time watching the presses roll at Note Printing Australia. The Bank values the contributions made by its graduates, encouraging the free expression of ideas. The Graduate Development Program facilitates the development of a wide range of skills including writing, presentation, management, and personal effectiveness training. I have made many new friends at the Bank, particularly among the other graduates. Bank staff can also take advantage of a range of social and sporting opportunities offered within the Bank. Danny - B.AppFin/B.Com (Hons), Macquarie University

Payments Settlements Department performs three main functions:

As a graduate in Payments Settlements, you would be engaged in a wide range of work, including analysis of the operation of RITS, research into domestic and international developments in payments and securities settlements, development of business requirements for 'best practice' system enhancements and assist in the overall management of settlement arrangements. Much of this work is in close association with market participants and other departments of the Bank, particularly Payments Policy and Domestic Markets.

Financial Administration Department consists of four sections. A key part of Accounting Analysis and Policy’s work is preparing the RBA’s annual financial statements and analysing the implications of changes in financial reporting standards. It is also handles investment accounting, taxation reporting and compliance. Accounting Operations is responsible for the Bank’s management accounts and provides the accounting systems used within the Department. The Officers’ Superannuation Fund and Staff Payments handle staff services such as superannuation and payroll. Graduates in Financial Administration Department are involved with all aspects of the department’s operations.

To be considered for a graduate position in Financial Administration Department, you must have a superior honours or post-graduate degree in commerce, finance or related discipline.

I joined the Reserve Bank in February 2003 as a graduate in the Financial Administration Department. Since then, I have spent a year in both the Financial Administration and Domestic Markets Departments. My first twelve months were spent working in the Accounting, Analysis and Policy section of Financial Administration where I helped in preparing the Bank’s financial reports including the financial statements in the Annual report. I also worked on a number of special projects including looking at what impact the adoption of International Financial Reporting Standards will have on existing reporting policies. Currently, I am working as an analyst within the Domestic Portfolio and Liquidity Analysis Section of Domestic Markets Department. My role involves preparing forecasts of money market cash flows as input to decisions on the Bank’s Market Operations. The RBA has a strong commitment to the development of its staff through extensive training programs aimed at developing a wide range of skills including writing, presentation and leadership skills, as well as providing support for further study. The Bank values the contributions made by its graduates, encouraging the expression of new ideas from the day you arrive. Throughout my time at the Bank, I have found peers and management to be enthusiastic and professional, but above all extremely approachable and willing to help. The RBA has impressed me as a challenging and rewarding place to work, one that encourages a balanced lifestyle through the range of social and sporting activities it offers staff. Sam – B.Bus, University of Technology, Sydney Back to Top