Treasurer Jim Chalmers has announced Michele Bullock will replace Philip Lowe as Governor of the Reserve Bank of Australia (RBA).
Bullock is currently Lowe’s deputy and has worked at the RBA since 1985. She will take over on 18 September, becoming the Bank’s first female Governor.
Lowe was appointed in 2016 for a seven-year term, which is due to end in September.
Only three RBA Governors have ever served beyond a single seven-year term, but Lowe had said he would have been “honoured” to be re-appointed.
The Governor is the RBA’s top official. The Governor’s most important role is to chair RBA board meetings to set interest rates.
On Wednesday, Lowe announced the RBA would reduce the number of board meetings it held from 11 to eight a year.
The change is part of 51 recommendations from an independent review of the Bank.
In a statement released this morning, the Treasurer called Lowe’s successor Michele Bullock “an outstanding economist and leader with a deep understanding of the RBA’s role and operations”.
“We sincerely thank Dr Philip Lowe for his leadership… [he] has overseen the Bank through a period of exceptional economic disruption and uncertainty,” Chalmers added.
“We respect and appreciate the remarkable dedication and contribution he has made to our country and our economy”.