The Reserve Bank of Australia (RBA) disclosed a summary of feedback from stakeholders on the consultation paper, "The Future System for Monetary Policy Implementation". This feedback played a role in recent modifications to the RBA's open market operations, which Assistant Governor (Financial Markets) Christopher Kent addressed in a recent speech.

The consultation aimed to explore principles and options for the future system and solicited feedback on several topics. These topics included the configuration of full allotment repos in the RBA's operations, potential effects of open market operations repos on Australian financial markets, demand for reserves, and the role of non-repo operations.

Eleven written responses were submitted, primarily from both Australian and global banks. The RBA held meetings with certain respondents to further discuss their views. The summary released reflects insights from both the written responses and these discussions.

The RBA appreciates the respondents' engagement and plans to maintain communication with stakeholders regarding the monetary policy implementation system's design.