RBA Chief Outlines Central Bank Statistics Priorities
Reserve Bank of Australia (RBA) Governor Michele Bullock outlined the strategy of the Irving Fisher Committee on Central Bank Statistics (IFC) at its 13th biennial conference in Basel, Switzerland. The event was attended remotely by Bullock, who emphasized that the IFC's mandate has broadened and identified three key priorities for central bank statistics.
The first priority is modernizing central bank statistics by combining traditional statistical methods with new data sources and analytical techniques. According to Bullock, this goal is not to replace official statistics but to strengthen them.
The second priority focuses on AI and data innovation in central banking. Governors and senior policymakers aim to better understand the opportunities, practical challenges, and risks associated with adopting this technology.
The final priority concerns data governance and the future data ecosystem. Bullock stated that central banks need policies and frameworks that ensure data can be trusted, consistent standards are applied, and appropriate guardrails and transparency are in place around the use of AI.