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8 Chifley Square 
Sydney NSW 2000 
 
 
GPO Box 3947 
Sydney NSW 2001 
 
Glenn Hamiltonshire 
via email to xxxxxxxxxxxxxxxxxxxxxxxxxx@xxxxxxxxxxx.xxx.xx  
 
Dear Mr Hamiltonshire 
Freedom of information request RBAFOI-252608 – Decision on Internal Review 
I have been appointed in accordance with s54C of the Freedom of Information Act 1982 (FOI 
Act) to review the decision made by Mr David Norman, the Reserve Bank’s Acting Secretary, on 
5 September 2025 (‘Original Decision’) in relation to your FOI request dated 7 August 2025 
(‘Your FOI Request’). I was not involved or consulted in the making of the Original Decision. 
Consistent with s 54C of the FOI Act, I have made a fresh decision on behalf of the Bank in 
relation to Your FOI Request. 
Material taken into account 
In making my decision, I have, among other things: 
•  Reviewed Your FOI Request and the Original Decision; 
•  Reviewed all materials available to Mr Norman in making the Original Decision, 
including any record searches and consultations; 
•  Consulted Bank staƯ; and 
•  Reviewed the documents identified as relevant to Your FOI Request, namely: 
o  agendas of the six meetings of the Payments System Board (PSB) held between 
February 2024 and June 2025 (PSB Meeting Agendas); and 
o  minutes of the six meetings of the PSB held between February 2024 and June 
2025 (PSB Meeting Minutes). 
Decision 
I aƯirm the Original Decision to deny access to the PSB Meeting Minutes. I have decided to deny 
access to those documents on the basis that the PSB Meeting Minutes are conditionally exempt 
under s47C (deliberative processes) and s47E(d) (certain operations of agencies), and I am 
satisfied that in the particular circumstances and, at the time of my decision, it would (on 
balance) be contrary to public interest to give access to the PSB Meeting Minutes for the 
purposes of s11A(5). 
I have decided to vary the Original Decision to refuse access to parts of the PSB Meeting 
Agendas on the basis that those parts are conditionally exempt under s47E(d) (certain 
operations of agencies) but to grant access to the parts of the PSB Meeting Agendas that are not 
exempt from release in terms of this section (and with some further redactions made pursuant 
to section 22 of the FOI Act to remove material not pertaining to the agenda items and names of 
staƯ below deputy head of department level that are irrelevant to the request. 
I set out the reasons for my decision below. 
 
 
 
RESTRICTED 
Findings on material questions of fact 
PSB Meeting Minutes 
(i) 
Deliberative processes: section 47C 
Section 47C provides: 
(1) A document is conditionally exempt if its disclosure under this Act would disclose 
matter (deliberative matter) in the nature of, or relating to, opinion, advice or 
recommendation obtained, prepared or recorded, or consultation or deliberation that 
has taken place, in the course of, or for the purposes of, the deliberative processes 
involved in the functions of: 
 (a) an agency; or 
 (b) a Minister; or 
 (c) the Government of the Commonwealth. 
 (2) Deliberative matter does not include either of the following: 
 (a) operational information (see section 8A); 
 (b) purely factual material. 
 (3) This section does not apply to any of the following: 
(a) reports (including reports concerning the results of studies, surveys or tests) 
of scientific or technical experts, whether employed within an agency or not, 
including reports expressing the opinions of such experts on scientific or 
technical matters; 
(b) reports of a body or organisation, prescribed by the regulations, that is 
established within an agency; 
(c) the record of, or a formal statement of the reasons for, a final decision given in 
the exercise of a power or of an adjudicative function. 
I find that the six PSB Meeting Minutes were prepared for the purpose of [recording the 
proceedings and decisions of the PSB in assessing and developing (including developing the 
process to implement) policy initiatives relating to the statutory responsibilities of the PSB. I find 
that the six PSB Meeting Minutes contain deliberative matters for the purpose of s 47C(1) 
because they contains material in the nature of (i) opinions, advice and recommendations 
prepared by Bank staƯ relating to payments system policy issues, and (ii) deliberations between 
PSB members concerning payment system policy issues. 
 
 
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(ii) 
Section 47E(d)-certain operations of agencies  
Section 47E(d) provides: 
A document is conditionally exempt if its disclosure under this Act would, or could reasonably 
be expected to, do any of the following: 
 (a) prejudice the eƯectiveness of procedures or methods for the conduct of tests, examinations 
or audits by an agency; 
 (b) prejudice the attainment of the objects of particular tests, examinations or audits conducted 
or to be conducted by an agency; 
 (c) have a substantial adverse eƯect on the management or assessment of personnel by the 
Commonwealth or by an agency; 
 (d) have a substantial adverse eƯect on the proper and eƯicient conduct of the operations of an 
agency. 
I find that disclosure of the PSB Meeting Minutes would, or could reasonably be expected to, 
have a substantial adverse eƯect on the proper and eƯicient conduct of the operations of the 
Bank (in this case, the operation and carrying out of the responsibilities of the Payments System 
Board). I find that the PSB Meeting Minutes contain detailed records of the matters considered 
by the PSB at the relevant meetings and related decisions of the PSB.   I find that the ability of 
the Bank to appropriately record the considerations of the Board as fully and frankly as is 
necessary for the ongoing consideration of various matters would be curtailed by disclosure of 
the PSB Meeting Minutes, with a resultant substantial adverse eƯect on the proper and eƯicient 
conduct of the operations of the Bank.  
Public interest factors 
The Bank must give access to a document if it is conditionally exempt at a particular time unless 
(in the circumstances) access to the document at that time would, on balance, be contrary to 
the public interest: s11A (5). Section 11B (3) provides that: 
Factors favouring access to the document in the public interest include whether access 
to the document would do any of the following: 
(a) promote the objects of this Act (including all the matters set out in sections 3 and 3A); 
(b) inform debate on a matter of public importance; 
(c) promote effective oversight of public expenditure; 
(d) allow a person to access his or her own personal information. 
 
In applying the public interest test, I have considered the public interest factors in favour of 
disclosure, being the factors set out in section 11B (3). In relation to s11B(3)(a) and s11B(3)(b), 
I refer to my findings on the conditional exemptions under s47C and s47E(d). I consider those 
findings articulate the public interest factors against disclosing the PSB Meeting Minutes, and 
accordingly, I find that access to the documents at this time would, on balance, be contrary to 
the public interest.  I further note that the Bank publishes updates after each meeting that are 
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consistent with our obligations to protect sensitive matters from inappropriate disclosure and 
satisfy the Bank's obligations to share information with the public as appropriate. 
I find that s11B(3)(c) and (d) are not relevant factors, as none of the PSB Meeting Minutes deals 
with public expenditure or access to personal information. 
Issues raised in your review request 
1.  ‘That it would be in the public interest to release the minutes, at the very least, of the 
Minutes of the PSB to uphold the overarching objectives and principles of the FOI Act’. 
Findings and reasons:   I refer to my decision above in relation to each of the six PSB 
Meeting Minutes. 
 
2.  ‘That the deliberative processes exemption relied on by the RBA is far narrower than the 
exemption claimed. While the deliberative processes exemption (as provided by S47C 
(1), it is important to recognise that such exemptions have their limits within the act, 
including to 'factual materials' and other such details… I believe the agendas should not 
be exempt from FOI’. 
Findings and reasons: I refer to my decision to vary the Original Decision in relation to 
each of the six PSB Meeting Agendas above.  I note that the original decision maker did 
not deny release of the PSB Meeting Agendas under section 47C (1). Access to these 
documents was refused under section 47E(d) (operations of agencies). 
 
3.  That ‘under the assumption that they may be exempt, I challenge that the release of 
these agendas and minutes clearly fall within the public interest’. 
Findings and reasons: I refer to my responses to issues 1 and 2 above. 
 
Accordingly, taking into account the above referenced exemptions, I have decided to deny 
access to the six sets of minutes in full. In relation to the agendas, noting that section 47C does 
not apply to them (and the Bank never claimed it did), I have decided to release them to you with 
redactions made to remove the exempt material. I also advise that the agendas have been 
further redacted in terms of section 22 (irrelevant material) to remove material not pertaining to 
agenda items and for the agenda for the 5 June 2025 meeting to remove the personal 
information (names and titles) of staƯ below deputy head of department level who were 
included as attending but not presenting at the meeting. 
 
Information Commissioner review 
Under section 54L of the FOI Act, you may apply to the Australian Information Commissioner to 
review my decision. An application for review by the Information Commissioner must be made 
in writing within 60 days of the date of this email, and be lodged in one of the following ways: 
online: https://forms.business.gov.au/smartforms/servlet/SmartForm.html?formCode=ICR_10 
email: xxxxx@xxxx.xxx.xx  
post:  GPO Box 5218 Sydney NSW 2001 
More information about Information Commissioner review is available on the OƯice of the 
Australian Information Commissioner website. Go to https://www.oaic.gov.au/freedom-of-
information/reviews-and-complaints/information-commissioner-review/.  
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FOI Complaints 
If you are unhappy with the way we have handled your FOI request, please let us know what we 
could have done better. We may be able to rectify the problem. If you are not satisfied with our 
response, you can make a complaint to the Australian Information Commissioner. A complaint 
to the Information Commissioner must be made in writing. Complaints can be lodged in one of 
the following ways: 
Online: https://forms.business.gov.au/smartforms/servlet/SmartForm.html?formCode=ICCA_1 
email: xxxxx@xxxx.xxx.xx 
post: GPO Box 5218 Sydney 2001 
More information about complaints is available on the OƯice of the Australian Information 
Commissioner at https://www.oaic.gov.au/freedom-of-information/reviews-and-
complaints/make-an-foi-complaint/. 
If you are not sure whether to lodge an Information Commissioner review or an Information 
Commissioner complaint, the OƯice of the Australian Information Commissioner has more 
information at: https://www.oaic.gov.au/freedom-of-information/reviews-and-complaints/. 
Yours sincerely 
Christopher Kent 
Assistant Governor Financial Markets 
 
 
 
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