Michele Bullock appointed as new Reserve Bank of Australia governor

Business, government, women’s groups – and possibly mortgage holders – have welcomed the news of the appointment of Michele Bullock as governor of the Reserve Bank of Australia (RBA).

Ms Bullock, who is currently the RBA’s deputy governor, will take over the senior role in mid September when current incumbent Philip Lowe steps down.

The first woman to lead the RBA in its 63‑year history, Ms Bullock will hold her new role for a seven-year term commencing 18 September 2023.

The right person for the job

Federal Treasurer, Dr Jim Chalmers, who was responsible for Ms Bullock’s appointment, described her as the right person to lead the RBA.

“She is an outstanding economist and leader with a deep understanding of the RBA’s role and operations, built up over her long and distinguished career with the central bank.

“Her appointment strikes the optimal balance between providing exceptional experience and expertise and offering a fresh leadership perspective.

“She will oversee the implementation of the recommendations of the Review of the Reserve Bank of Australia, which will ensure we have the most effective central bank and monetary policy framework to meet our current and future economic challenges.”

Current Governor Philip Lowe will step down from his role on 17 September. He has been the target of public criticism and being out of touch with average Australians after presiding over the recent dramatic increase in official interest rate.

He also agreed that Ms Bullock is 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.”

Lengthy RBA career

Ms Bullock, who began career at the RBA back in 1985, was appointed to her current position in April 2022.

She is currently 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 her current role, Ms Bullock was the assistant governor (Financial System) with the RBA.

She has 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.

“I am deeply honoured to have been appointed to this important position,” Ms Bullock said.

“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.”