Sydney, July 14: The Hon Dr Jim Chalmers MP, Treasurer of Australia, has announced the appointment of Michele Bullock as Governor of the Reserve Bank of Australia for a seven-year term, effective from Sept 18.
Governor Philip Lowe expressed his confidence in the appointment, stating, “The Treasurer has made an outstanding choice in appointing Michele as Governor.
“I extend my congratulations to her on this appointment.
“With the current challenges surrounding inflation and the implementation of the recommendations from the Review of the RBA, the Reserve Bank is in capable hands. I wish Michele all the best in her new role.”
As Governor, Michele Bullock will assume several key responsibilities, including serving as Chair of the Reserve Bank Board, the Payments System Board, and the Council of Financial Regulators. Additionally, she will be entrusted with the management of the Bank in accordance with the Reserve Bank Act 1959.
In response to the Treasurer’s announcement, Deputy Governor Michele Bullock expressed her deep honor at being chosen for this significant position.
Recognizing the challenging environment she will be entering, she emphasized her confidence in the Bank’s strong executive team and boards.
She affirmed her dedication to ensuring that the Reserve Bank fulfills its policy and operational objectives for the betterment of the Australian people.
Governor Philip Lowe will continue to serve in his current position until the completion of his term on Sept 17.
The appointment of the Deputy Governor, effective from Sept 18, will be determined by the Treasurer in due course.
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