Reserve Bank of Australia (RBA) has announced Michele Bullock as the new governor. Source: Reserve Bank of Australia.
Reserve Bank of Australia (RBA) has announced Michele Bullock will replace Philip Lowe as the governor.
Bullock will make history as the first woman in the role since the bank was founded in 1959.
This is the second time she has made history after becoming the first woman to hold the title of deputy governor in April last year.
It was announced this morning that Philip Lowe will not be reappointed as the governor after his seven-year term expires in September.
It comes after Lowe was accused of poor judgement and making mistakes that left renters and mortgage holders with surging inflation.
Earlier this year, an independent review recommended major changes to the RBA, including the establishment of separate boards for monetary policy and governance and changes to their approach to communication.
Since then, the Reserve Bank Board and staff members have been working through the recommendations.
In a televised meeting at Parliament House, treasurer Jim Chalmers described Michele as the “person best placed to take the Reserve bank into the future”.
Governor Philip Lowe said, “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.”
Bullock was appointed after a long and methodical process which led the Cabinet to endorse the treasurer’s recommendation.
She holds a Masters of Science (Economics) from the London School of Economics and a Bachelor of Economics (Hons) from the University of New England.
Bullock joined the central bank in 1985 and has held several senior positions over her career.
Following her appointment as deputy last year, Bullock said she was conscious of the role she has in fostering women in management, and it is something that she takes “seriously”.
Governor Lowe will continue his position until the end of his term on 17 September.
The position of Deputy Governor from September is yet to be filled.
