Public Has Important Role in the Very Existence and Sustenance

Question: Public Role Perception Has Important Role In The Very Existence What And Sustenance? Answer: Introducation: Public perception has important role in the very existence and sustenance of organisations. Public perception determines the goodwill of the companies and their capacity to generated revenue. The public has greater perception and acceptance of organisation which work towards national welfare like the Reserve Bank of Australia compared to the profit earning multinational companies. The organisations have realised that working solely for capital maximisation of shareholders is not the key to long term profit. They today consider the public image and support integral to their success and long term growth. There are organisations which work towards the overall economic development and have power to control it. The Reserve Bank of Australia is the apex bank of Australia and the issuer of currency notes. It acts as a banker to the government and plays international role along with other central banks. It makes financial policies for the banking sector of Australia and ensures financial stability in the nation (Reserve Bank of Australia 2017). The public perceptions about such organisations are positive and that of trust because of their contribution towards their welfare. The Reserve bank of Australia is controlled by the government of Australia and acts towards ensuring economic stability in the country. The apex bank enforces rules to control exchange rates of currencies against foreign currencies and hence commands trust from the public (Ft.com, 2017). Public opinion plays a very important because it is public who creates demand, allow companies to sell their products to earn revenue, invest in shares and provide the corporate sector with human resource. Hence, public opinion is integral to the very existence of the companies and organisations. This has necessitated organisations to act in more accountable and responsible ways towards the public and the society (Mason and Simmons 2014). Section 10 of the Reserve Bank of India 1959 gives the bank the power to act towards the integrity and betterment of Australia confirming to the highest standard of integrity and ethics (Legislation.gov.au 2017). The apex bank works towards the integrity of the nation and the public harbour great trust and faith in its functioning. The Reserve Bank of Australia proved its commitment to ensure economic stability of Australia when the country faced the Great Depression and the value of Australian Pound fell. The new governor H.C. Coombs allowed the banks to carry out open market operations, issue of government bonds and deregulated the interest rate. These decisions by Coombs helped Australian pound to regain float which led to recovery of Australia from the Great Depression. Thus, the Reserve Bank of Australia has proved that it exists to ensure the economic stability of Australia towards a strong future. The apex bank under the direction of the government has provision of consumer protection against all the organisations including banks (fsi.treasury.gov.au 2017). It is legitimate for the Australians to harbour great perception about the Reserve Bank of Australia because its policies are controlled by the government and constitution of Australia. The apex organisation directs other profit seeking organisations to protect consumer interest. Public perception plays a great role in the market position of organisations and decides their status. The Reserve Bank of Australia aptly enjoys great public image and respect. The apex bank enjoys and deserves this by the virtue of the services it provides to Australia and her people. References: Ft.com. 2017. Rangebound Australian dollar in prospect if RBA stays on hold. [online] Available at: https://www.ft.com/content/690249e6-240c-11e7-8691-d5f7e0cd0a16 [Accessed 26 Apr. 2017]. Legislation.gov.au. 2017. Federal Register of Legislation - Australian Government. [online] Available at: https://www.legislation.gov.au/Series/C1959A00004 [Accessed 26 Apr. 2017]. Mason, C. and Simmons, J., 2014. Embedding corporate social responsibility in corporate governance: A stakeholder systems approach.Journal of Business Ethics,119(1), pp.77-86. Reserve Bank of Australia. 2017. Reserve Bank of Australia. [online] Available at: https://www.rba.gov.au/ [Accessed 26 Apr. 2017]. Supplementary Submission to the Financial System Inquiry. 2017. 1st ed. [ebook] RESERVE BANK OF AUSTRALIA. Available at: https://fsi.treasury.gov.au/content/downloads/suppsubs/71.doc [Accessed 26 Apr. 2017].