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22 June 2000

Re-appointment of Mr Frank P. Lowy AC to the Board of the Reserve Bank of Australia

I am pleased to announce the re-appointment of Mr Frank P. Lowy AC to the Board of the Reserve Bank of Australia.

Mr Lowy is a co-founder and Chairman of Westfield Holdings Ltd; a Director of the UK public company Daily Mail and General Trust plc; and a member of the International Council of Shopping Centres.

Mr Lowy, who received Australias highest civilian honour being made a Companion in the General Division of the Order of Australia in this years Australia Day honours, has been a member of the Reserve Bank Board since 1995. Over this time, Mr Lowys business acumen and wide-ranging experience and community involvement have enabled him to make a significant contribution to the deliberations of the Reserve Bank Board.

I take this opportunity to thank Mr Lowy for his valuable contribution to the deliberations of the Reserve Bank Board and to congratulate him on his re-appointment.