The RBA is bound by the Reserve Bank Act  and while the bank has certain freedoms to direct monitary policy it must report to the treasurer and in matters of disagreement the Governor General can intervene and if need be force the bank to implement changes to its policy so the RBA isnt a law unto itself perhaps more akin to a stubborn teenager who will direct all efforts towards trying to get away with whatever it can and never admit to being wrong It is important to distinguish the RBA from the US Federal Reserve because as I understand while the Fed Act Section  reseves the right to amend or revoke the Act by Congress there doesnt appear to be anything about accountability beyond reporting to Congress Congress doesnt appear to be able to overrule policy without amending the Act wheras in Australia there is a legislated procedure for disagreements sources httpwwwrbagovauaboutrbaaccountabilityhtmlconsultationwithgovernment httpwwwfederalreservegovaboutthefedsectionhtm