30 June 2017

Appointment of part-time member to the Reserve Bank Board

I am pleased to announce the appointment of Mr Mark Barnaba AM to the Reserve Bank Board. Mr Barnaba has been appointed as a part-time member of the Board for a five-year period from 31 August 2017.

Mr Barnaba possesses broad knowledge from his extensive experience in business and industry, most recently as chair of Macquarie Group (Western Australia), and his current chairmanships of the University of Western Australia’s Business School Board, the Black Swan State Theatre Company and the West Coast Eagles.

He is also a non-executive director of Fortescue Metals Group and holds an MBA with high distinction from Harvard University.

We look forward to Mark providing a valuable contribution to the RBA and monetary policy and I congratulate him on his appointment.

Mr Barnaba’s commencement on the Reserve Bank Board coincides with the conclusion of Mr John Akehurst’s second term on 30 August 2017. Mr Akehurst has made an outstanding and important contribution to Reserve Bank Board deliberations through a challenging period for the Australian economy and I thank him for his exceptional service over the past decade. I wish him every success for the future.

It was ten years ago that my predecessor Peter Costello appointed Mr Akehurst to the Reserve Bank Board to ensure the Western Australian perspective was understood in the board’s important deliberations, a perspective that will continue with Mr Barnaba’s appointment.

This appointment has been made in accordance with section 14 of the Reserve Bank Act 1959, under which the Treasurer appoints Reserve Bank Board members.