Treasurer Jim Chalmers has appointed Michele Bullock as Governor of the Reserve Bank of Australia for a seven-year term commencing 18 September 2023.
The outgoing Governor of RBA 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.”
The role of Reserve Bank Governor comes with several responsibilities, including Chair of the Reserve Bank Board, the Payments System Board and the Council of Financial Regulators. As Governor, Ms Bullock will also be responsible for the management of the Bank under the Reserve Bank Act 1959.
Following the announcement, Deputy Governor Michele Bullock said I am 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 benefit of the Australian people,”
said Ms Bullock.
Ms Bullock was appointed to the Deputy Governor position on 2 April 2022. She is Deputy Chair of the Reserve Bank Board and Deputy Chair of the Payments System Board and a member of Chief Executive Women (CEW). Prior to that role, Ms Bullock was the Assistant Governor (Financial System).
Ms Bullock also held a variety of senior management positions in the Bank. She was Assistant Governor (Business Services), Assistant Governor (Currency), Adviser for the Currency Group and, before that, Head of the Payments Policy Department.
Governor Lowe will continue in his position until the end of his term on 17 September 2023. The position of Deputy Governor from 18 September 2023 will be filled by the Treasurer in due course.