Some of the tension between the Reserve Bank of Australia and the Treasurer over the ability of the RBA to pay dividends is aired in documents released by the RBA yesterday under the Freedom of Information laws.The most recent of the documents, dated February 2013 (from the RBA's assistant governor for corporate services, Frank Campbell, to a Treasury official), projects an accounting profit for the RBA in the year to June 2013 of A$863 million. This is down from a profit of $1.1 billion in 2012.Accounting profits are projected to be lower in each of the two following years.Campbell's letter reiterates the RBA's previously stated view that the "Reserve Bank Reserve Fund… remains below a balance consistent with the board's policy for this reserve, which is to target a balance of 10 per cent of earnings at risk."Campbell states that the projection prepared for Treasury "is prepared on the assumption that future earnings will be transferred to the [reserve]."The February letter is one of a series that adopts a similar tone.The law governing the RBA leaves dividend policy to the Treasurer, after consultation with the RBA board. Last year the Treasurer determined that the RBA should pay a dividend of $500 million.