- Bullock will become the first female RBA Governor.
- She takes over from Philip Lowe.
- She previously served as Deputy Governor, appointed in April 2022.
Michele Bullock has been appointed as the ninth Governor of the Reserve Bank of Australia (RBA).
Treasurer Jim Chalmers called it a “history-making appointment”, with Bullock set to become the first woman to ever lead the Reserve Bank.
Bullock will commence her seven-year term on 18 September 2023, taking over from Philip Lowe.
Governor Lowe said in a statement, “The Treasurer has made 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.
“I wish Michele all the best.”
He will continue in the position until the end of his term on 17 September this year.
Deputy Governor Bullock said, “I am deeply honoured to have been appointed to this important position.”
“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.”
Bullock’s position of Deputy Governor will be filled by the Treasurer in due course.
The Treasurer said at a press conference this morning, “Michele Bullock is the person best placed to take the Reserve Bank into the future. 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.
“This is the right call, but it is not an easy call. This comes after months of deliberation and consultation and we have come at this in the most methodical and considered way that we could.
“This is a big job, this is one of the most important appointments that we will make as a government, and so we have treated it methodically and in a considered, consultative way as well.”
Chalmers added that “It has been my view, for a while now, that Michele Bullock is the best person to take the bank into the future.”
