Government names Lowe replacement at RBA
The Prime Minister and Treasurer announce the person “best-placed to take the Reserve Bank into the future”.
The Albanese government has named deputy RBA governor Michele Bullock as replacement for governor Philip Lowe when his term expires on 17 September.
Ms Bullock, whom becomes the first women RBA governor, was regarded as one of the leading contenders for the role along with Treasury secretary Steven Kennedy and Finance Secretary Jenny Wilkinson.
An experienced economist, she became an assistant governor in 2010 and deputy governor in 2022 and is the first woman to lead the RBA in its 63 year history.
Ms Bullock is also deputy chair of the Reserve Bank Board and deputy chair or the Payments System Board and a member of Chief Executive Women.
She has held a variety of a senior management positions at the bank including assistant governor (Business Services), assistant governor (Currency), adviser for the Currency Group and, before that, head of payments policy department.
Ms Bullock said she was “deeply honoured” to be appointed.
“It is a challenging time to be coming into this role, but I will be supported by a strong executive team and boards,” she said.
“I am committed to ensuring that the Reserve Bank delivers on its policy and operational objectives for the benefit of the Australian people.”
The appointment of Ms Bullock will create a vacancy in the role of Deputy Governor which the Government will fill in the coming months.
RBA governor Philip Lowe congratulated Ms Bullock and said the Treasurer had made a “first-rate appointment”.
“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,” he said. “I wish Michele all the best.”
Treasurer Jim Chalmers said Ms Bullock was the best person for the job.
“Michele Bullock is the person best-placed to take the Reserve Bank into the future,” he said.
“Michele is an outstanding economist, but also an accomplished and respected leader. Her appointment best combines experience and expertise with a fresh leadership perspective at the Reserve Bank as well.”
Prime Minister Anthony Albanese said Ms Bullock was “eminently qualified to lead this national institution” and acknowledged the work of Mr Lowe during the pandemic.
“It was an extraordinary time and we thank Dr Lowe for helping the Australian economy navigate these unprecedented challenges,” Mr Albanese said.
Mr Albanese said Ms Bullock would oversee the implementation of overhauling the RBA based on the review released this week to ensure the country has “the most effective central and monetary policy framework as Australia and the world faces ongoing economic challenges”.
The RBA has already outlined ten changes it will be making to policy processes and communications including a reduction in the frequency of meetings and allowing the board more time to examine issues in detail.
However, Mr Lowe said that other recommendations made by the review would best be considered by the new Monetary Policy Board to avoid the “current board locking the new board into a particular approach”.
The new board, led by Michelle Bullock, will consider recommendations relating to the publication of an unattributed vote count, board members making public appearances to discuss their thoughts on monetary policy and the establishment of an expert advisory group to engage with the board.
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