14 July 2023

New Governor of the Reserve Bank of Australia

The Albanese Government has appointed Michele Bullock as the ninth Governor of the Reserve Bank of Australia (RBA) for a seven‑year term beginning on 18 September 2023.

Ms Bullock is the right person to lead the RBA into the future and ensure we have the world’s best and most effective central bank.

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.

Ms Bullock will make history as the first woman to lead the RBA in its 63‑year history.

Her appointment strikes the optimal balance between providing exceptional experience and expertise and offering a fresh leadership perspective.

She will oversee the implementation of the recommendations of the Review of the Reserve Bank of Australia, which will ensure we have the most effective central bank and monetary policy framework to meet our current and future economic challenges.

Ms Bullock joined the Bank as an analyst in 1985 and has been Deputy Governor since April 2022.

Her responsibilities in senior roles at the RBA have included the financial system, business services, the currency, and the payments system.

She holds a Masters of Science (Economics) degree from the London School of Economics and a Bachelor of Economics (Hons) from the University of New England.

We are confident that Ms Bullock will provide the strong leadership and stability necessary for the RBA to navigate an increasingly complex and rapidly changing economic environment.

Her appointment comes after a long, methodical, considered and consultative process which led to the Cabinet endorsing the Treasurer’s recommendation today.

We sincerely thank Dr Philip Lowe for his leadership since his appointment in September 2016 and acknowledge the outstanding commitment he has given to the RBA over his 43 years there.

Dr Lowe has overseen the Bank through a period of exceptional economic disruption and uncertainty, including the impacts of the COVID‑19 pandemic and Russia’s invasion of Ukraine.

We respect and appreciate the remarkable dedication and contribution he has made to our country and our economy, and the way he has conducted himself in a difficult role at a challenging time.

The appointment of Ms Bullock will create a vacancy in the role of Deputy Governor which the Government will fill in the coming months.