CANBERRA, Jul 14 (NNN-AAP) – Michele Bullock, has been appointed the first female head of Australia’s central bank.
Prime Minister, Anthony Albanese, and Treasurer, Jim Chalmers, announced today the appointment of Bullock as the ninth governor of the Reserve Bank of Australia (RBA), on a seven-year term beginning on Sept 18 this year, replacing incumbent RBA governor, Philip Lowe.
Bullock has worked at the central bank since 1985, including as its deputy governor, since Apr, 2022.
“Michele’s will be an important job at an important time, with the challenges that we face globally,” Albanese said.
Lowe was expected to be replaced at the end of his term on Sept 17, after the RBA raised interest rates 12 times in 13 months.
“Inflation in Australia has passed its peak, but at seven percent, is still too high and it will be some time yet before it is back in the target range,” Lowe said in a media release last month.
“This further increase in interest rates is to provide greater confidence that inflation will return to target within a reasonable timeframe.”
Chalmers thanked Lowe for his leadership since his appointment in Sept, 2016.
Under Bullock’s leadership, the RBA will undergo a reform as a review of the bank made 51 recommendations, including establishing a separate Monetary Policy Board and Governance Board to make the bank more effective.– NNN-AAP
