Reserve Bank will further enhance dialogue

21 May 2015

Reserve Bank will further enhance dialogue

The Reserve Bank has committed to further enhancing dialogue with its stakeholders, following its first external Stakeholder Engagement Survey.

The Bank today released in its Bulletin the results of the survey, conducted by global market research company, Ipsos, as well as the Bank’s responses.

Ipsos’ overall finding of the Bank’s stakeholder relationships was that “this was a positive story and one that provides a pathway to even greater levels of trust and familiarity.” The survey found that stakeholders welcome the Bank’s recent efforts to broaden its communications.

“Stakeholders feel that the Bank has its communication about right, while suggesting that we could enhance our engagement with them,” Head of Communications Mike Hannah said. “The Bank would like to thank those who participated for their honest and helpful feedback.

“Operationally, we see the survey as challenging us to be more targeted in our approach to stakeholder engagement and communication, and more aligned to the specific characteristics and desires of each stakeholder group.”

The survey was conducted in the latter half of 2014, covering the general public, business, industries regulated by the Bank, financial markets, educators and researchers, and government. The survey was based on a framework to assess the Bank’s reputation, based on levels of familiarity, favourability, trust, and advocacy.

“In particular, stakeholders have asked for communication that is relevant, targeted, and accessible, coupled with more dialogue that reflects an understanding of our stakeholders.

“Fundamentally, our engagement with stakeholders is designed to support the Bank’s policy objectives of maintaining price and financial stability, and protecting the value of money. Understanding of, and confidence in, our actions and messages – and indeed in the institution itself – are essential.”

Bulletin article: Being An Engaging Central Bank

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