Australia appointed its first woman, Michele Bullock to lead its central bank. This is the first time ever in the 63-year history of the Reserve Bank of Australia (RBA). A veteran economist at the central bank, Bullock will take over the outgoing governor Philip Lowe in September this year.
“I am deeply honoured to have been appointed to this important position,” Bullock said in a statement on Friday. “It is a challenging time to be coming into this role, but I will be supported by a strong executive team and boards. I am committed to ensuring that the Reserve Bank delivers on its policy and operational objectives for the benefit of the Australian people.”
Australian Prime Minister Anthony Albanese described Bullock as an “outgoing economist and leader”.
BREAKING: Congratulations Michele Bullock, Australia’s 9th Reserve Bank Governor.
Michele is an outstanding economist, with a long and distinguished career at the central bank.
At a critical time for the global economy, her job will be an important one.
— Anthony Albanese (@AlboMP) July 13, 2023
Who is Michele Bullock?
Bullock will become the first-ever woman to head the central bank. She will take charge as the governor of the Reserve Bank of Australia (RBA) on 18 September. She joined RBA in 1985 after graduating from Australia’s University of New England in 1984. She then pursued her master’s at the London School of Economics in 1989.
Bullock served in a variety of roles related to areas including payment settlements and government banking before being appointed as the first woman deputy governor in April 2022.
Before leading the most important position at the central bank, she headed a string of increasingly important roles at the bank. She was appointed as the Assistant Governor from 2010-2022. She started her career as a Chief Manager of
Payment Policy Department in 1998 and served in this position till 2007.
Jonathan Kearns, a senior RBA executive before he left the bank to join Challenger in January, said Bullock was “very well credentialed and she is across every aspect of the RBA”.
What will be on Bullock’s agenda?
Bullock’s appointment comes after the government decided not to reappoint Lowe to a second seven-year term.
By the time Bullock takes over, the RBA committee will have met twice more on interest rates. As a board member, she will have a voice in shaping those decisions. Her attention will also be absorbed in part by the need to implement a range of recommendations resulting from the once-in-a-generation review of the RBA.
(With inputs from agencies)
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