Michele Bullock has been appointed as the new Governor of the Reserve Bank of Australia, becoming the first woman to hold the influential position in the bank’s 63-year history.
Treasurer Jim Chalmers and Prime Minister Anthony Albanese made the announcement this morning. It comes as Philip Lowe’s seven-year term as Reserve Bank Governor comes to an end.
Bullock is the current Deputy Governor of the Reserve Bank, a role she has held since April 2022. Previously, she has held other positons at the Reserve Bank, including Assistant Governor (Business Services), Assistant Governor (Currency), Adviser for the Currency Group and, before that, Head of Payments Policy Department.
“Michele is imminently qualified to lead this national institution,” Albanese said on Friday morning. “The incoming governor will oversee the recommendations of the RBA review. I very much congratulate Michele Bullock on this appointment.”
“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.”
Chalmers described Bullock as an “outstanding economist”, an “accomplished, highly respected leader” and a person with a “fresh perspective”.
“This is a history-making appointment. Michele Bullock will become the first woman to lead the reserve bank of Australia,” Chalmers said, noting she was the best person to take the Reserve Bank into the future.
“One of the things I’ve really admired as I’ve come to know her is that Michele has thought deeply about how we take the bank forward in the future. I really value her style and the nature of her leadership. She is accomplished, a highly respected leader. And that’s what we need at the bank.”
Chalmers also said Bullock is the right combination of “experience and expertise” and the appointment came after extensive consultation.
Bullock is due to begin her term as governor on September 18.