Swati Dave has become the first Indian-Australian to be appointed to the board of the Reserve Bank of Australia (RBA), marking a historic milestone in the institution’s 64-year history.
Treasurer Jim Chalmers praised her wealth of experience and strategic leadership, saying,
“Swati Dave’s expertise in banking, governance, and international finance will be invaluable as we modernise the RBA to meet Australia’s economic challenges.”
Dave, a trailblazer in finance and governance, will join the RBA’s newly established Governance Board in March 2025.
The board is part of a significant restructure aimed at modernising the RBA, with the Governance Board overseeing administrative and operational functions, while a separate Monetary Policy Board focuses on setting interest rates.
Currently the Chair of the Centre for Australia-India Relations, Dave brings over three decades of leadership experience across the public and private sectors.
She was most recently Managing Director and CEO of Export Finance Australia, where she spearheaded a transformation to make the organisation more impactful and inclusive. Her career spans senior roles at major financial institutions, including NAB, Deutsche Bank, and Westpac.
“I’m deeply honoured to contribute to the Reserve Bank during this transformative time,” Dave said, reflecting on her historic appointment.
Dave’s appointment also highlights Australia’s growing recognition of multicultural leadership. Her leadership at the Centre for Australia-India Relations has been instrumental in strengthening bilateral ties, and her unique perspective will bring fresh insights to the RBA’s governance.
As part of the board’s inaugural team, Dave will serve alongside esteemed figures including Jennifer Westacott AO and David Thodey AO. Her term extends until August 2029, a tenure expected to shape the RBA’s future direction.
Dave’s historic achievement not only elevates representation at Australia’s central bank but also underscores her role as a key figure in shaping the country’s economic landscape.
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