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Philip Lowe’s seven-year tenure as the governor of Australia’s central bank has ended.
Prime Minister Anthony Albanese and federal Treasurer Jim Chalmers announced Michele Bullock as the ninth governor of the Reserve Bank of Australia (RBA). With her term set to commence on 18 September 2023, she will become the first female governor of the RBA.
The appointment was made following what the Prime Minister described as a “rigorous process” which included consultation with the federal opposition.
Mr Albanese congratulated Ms Bullock, who he stated is an “accomplished economist”.
“Michelle Bullock is the person best placed to take the Reserve Bank into the future,” added Mr Chalmers.
Outgoing governor Philip Lowe said: “The Treasurer has made a first-rate appointment.”
“I congratulate Michele on being appointed governor. The Reserve Bank is in very good hands as it deals with the current inflation challenge and implementing the recommendations of the review of the RBA.
“I wish Michele all the best,” he added.
Ms Bullock explained she’s “deeply honoured to have been appointed to this important position. It is a challenging time to be coming into this role, but I will be supported by a strong executive team and boards”.
“I am committed to ensuring that the Reserve Bank delivers on its policy and operational objectives for the benefits of the Australian people,” she declared.
A media statement from the Reserve Bank of Australia indicated “the position of deputy governor from 18 September 2023 will be filled by the Treasurer in due course”.
Earlier this year, the federal government accepted, in principle, all 51 recommendations of a wide-ranging review of the RBA – An RBA fit for the future.
It was revealed at the time that the shake-up of the RBA would see the board split into two, with one board tasked with setting monetary policy and the cash rate, and another overseeing the bank’s governance and management – including human resources, technology and risk management.
This week, more details emerged around the new make-up of the RBA. As part of sweeping changes to Australia’s central bank, governor Lowe announced the number of yearly board meetings would be reduced from 11 to eight from next year.
As opposed to consistent monthly meetings, the RBA will meet on the first Tuesday of February, May, August and November, with four additional meetings to be held midway between these meetings.
Ms Bullock’s appointment is likely to appease Leader of the Opposition Peter Dutton who earlier this week declared governor Lowe’s position shouldn’t be filled by somebody who’s “been involved in the political process at a senior level”.
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