The Reserve Bank of Australia (RBA) will have its first female governor when Philip Lowe’s seven-year tenure ends in mid-September.
Current deputy governor of the central bank, Michelle Bullock, has been appointed to the top job.
Ms. Bullock has served as deputy since April last year after a career lasting nearly four decades at the RBA, which has included several senior posts.
Prime Minister Anthony Albanese described Ms. Bullock as “eminently qualified” to lead the national institution. “Michele will be in an important job at an important time with the challenges that we face globally,” he said.
Treasurer Jim Chalmers believed Ms. Bullock represented the best combination of experience and expertise along with a fresh leadership perspective. “This is the right call, but it’s not an easy call,” he said.
Ms. Bullock said she was deeply honoured, noting: “It is a challenging time to be coming into this role, but I will be supported by a strong executive team and boards.”
The Australian Associated Press reports she will have the challenging job of steering the central bank through a major reform era as well as the unfinished task of returning inflation to target. Inflation has passed its peak but was still growing at 5.6% annually in May, well above the 2-3% target range.
The prime minister thanked Dr. Lowe for his seven years of service, particularly for his efforts to support the economy during the COVID-19 pandemic.
With The Australian Associated Press
