Govt misses out on Reserve Bank dividend

Sun, 04 Oct 2020

The Reserve Bank won’t pay a dividend to the government for the first time in at least 35 years.The central bank decided to retain its $371 million surplus from the June year to preserve its expanding balance sheet and keep in line with its own order to trading banks to refrain from paying their shareholders.The Reserve Bank has been a cash cow for successive governments, paying an average $191.6 million in annual dividends for the past 35 years. In total, its paid the government about $6.71 billion since 1986 when it first started a data...

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