STATEMENT BY MR ROBERT GERARD AO

In the light of recent unfounded publicity, I have decided to resign
forthwith as a Member of the Board of the Reserve Bank of Australia.
Although claims about the financial affairs of Gerard Industries, a
company in which I formerly had an interest, have been highly
misleading and largely inaccurate, I believe that the adverse publicity
created by these media allegations has cast an unnecessarily negative
light on the Reserve Bank. For this reason alone, I have regretfully
decided to resign my position on the Board, a role I have attempted to
serve with diligence and honour since March 2003.