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Michele Bullock to take RBA helm from Lowe in September
The Reserve Bank of Australia will have a new chief in September in Michele Bullock, who will become the central bank’s first female governor when she replaces Philip Lowe in September, Treasurer Jim Chalmers announced Friday.
Speculation over Lowe’s future at the head of the RBA had been swirling for months, in the midst of public criticism of the governor’s handling of interest rate increases and the first external review of the central bank in four decades. Bullock, who has served the bank as deputy governor since April 2022 after more than 10 years as an assistant governor there, was among several leading contenders for the post.
“I am deeply honoured to have been appointed to this important position,” Bullock said after the announcement. “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 benefit of the Australian people.
In a statement, Lowe congratulated Bullock on her “first-rate appointment” by Treasury. “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.
The announcement came just days after Lowe in a speech to the Australian Conference of Economists outlined how he would implement the recommendations of the independent review, including moving from 11 annual RBA meetings down to eight.
The review also recommended splitting the RBA’s power to set interest rates from the rest of its functions and transferring it to a new board of monetary policy experts. That would leave the current board to focus solely on the bank’s governance.
In announcing the appointment, Chalmers called Bullock an “outstanding economist and leader” and the “right person to lead the RBA into the future and ensure we have the world’s most effective central bank”.
“We are confident that Ms Bullock will provide the strong leadership and stability necessary for the RBA to navigate an increasingly complex and rapidly changing economic environment.”
Lowe will continue as RBA governor until September 17, with Bullock to begin her new role the following day. As part of her responsibilities as governor, she will also chair the Reserve Bank Board, the Payments System Board and the Council of Financial Regulators.
