I am pleased to announce the re-appointment of Mr Donald McGauchie AO to the Board of the Reserve Bank of Australia for a further term of five years, from 30 March 2006 to 29 March 2011.
Mr McGauchie has been a member of the Reserve Bank Board since 2001, and this will be his second term on the Board. Mr McGauchie is a former President of the National Farmers' Federation, and is presently Chairman of Telstra Corporation Ltd.
Mr McGauchie has been a very effective Board member over the past five years, and his experience and knowledge have proven to be a great asset to the Board. With his background and experience in business and rural matters, I believe Mr McGauchie will continue to make a valuable contribution to the Reserve Bank Board.
This re-appointment is made in accordance with section 14 of the Reserve Bank Act 1959 which provides for nine Board members including the Governor, the Deputy Governor, the Secretary to the Department of the Treasury and six other members.
I take this opportunity to congratulate Mr McGauchie on his re-appointment.