RBA bans PwC until 'satisfactory resolution' of scandal, confirms contracts

Grilled at a Senate estimates hearing by politicians from across the political spectrum about the central bank's dealing with PwC, Dr Lowe admitted the RBA has two current contracts with the consultancy but would not grant any new work until there was a "satisfactory resolution" of the confidentiality breach scandal currently engulfing the firm.

The Reserve Bank governor said his organisation intended to see out the two existing current contracts, one a three-year contract for audit risk management services and the second a contract to help rectify staff underpayment.

But he said the central bank did not plan to engage the firm in any further work at this stage.

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"We are as appalled as you are [by PwC's behaviour]. It destroys trust, it is unacceptable and it should come with serious consequences," Dr Lowe told the hearing.

"We have taken the decision not to enter into any further contracts with PwC until there is a satisfactory resolution.

"We require complete transparency, not yet achieved, [and] we require complete accountability, not yet achieved.

"My judgement is that their response so far does not meet those standards."

Dr Lowe assured the senate committee the PwC staff working on the two existing contracts had no access to any information or data connected with the central bank's monetary policy processes.

The governor added his voice to calls for those involved in the confidentiality breach to be identified.

"We want to see anyone who knew what was going on, or was complicit in what was going on, are identified," Dr Lowe said.