The Prime Minister and Treasurer announce the person “best-placed to take the Reserve Bank into the future”.
Government names Lowe replacement at RBA
The Albanese government has named deputy RBA governor Michele Bullock as replacement for governor Philip Lowe when his term expires in 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. 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.”
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.”
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 make sure that we have the most effective central and monetary policy framework as Australia and the world faces ongoing economic challenges”.
Mr 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.”
He said it was not unusual to replace an RBA governor with five of the eight to date replaced after one term.
Mr Lowe continues in his position until 17 September.