Australia has appointed the first woman to chair the Reserve Bank of Australia (RBA) in the central bank’s 63-year history.
Michele Bullock, a seasoned central bank economist, will succeed departing governor Philip Lowe in September.
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“I am deeply honoured to have been appointed to this important position,” Bullock said in a statement released on Friday.
“This is a difficult time to take on this role, but I will be supported by a strong executive team and boards. I am determined to see that the Reserve Bank meets its policy and operational objectives for the benefit of the Australian people.”
Bullock was praised as a “outstanding economist and businessman” by Prime Minister Anthony Albanese.
“Her appointment strikes the optimal balance between providing exceptional experience and expertise while also offering a fresh leadership perspective,” Albanese added.
Bullock joined the RBA in 1985, a year after graduating from University of New England, Australia.
She worked in a range of capacities connected to payment settlements and government banking until becoming the first female deputy governor in April 2022.
Bullock’s appointment follows the government’s decision not to reappoint Lowe for a second seven-year term.
Lowe’s replacement had been widely anticipated after the outgoing governor was heavily chastised for presiding over a sharp jump in interest rates, putting pressure on mortgage holders, some of whom had taken on cheap loans during the pandemic.
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Under Bullock, the RBA will be in “very good hands” and well-positioned to deal with above-target inflation, according to Lowe.
“I wish Michele all the best,” stated Lowe.
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