Following a cabinet meeting on Friday morning (14 July), Prime Minister Anthony Albanese and Treasurer Jim Chalmers named Michele Bullock as the next governor of the Reserve Bank of Australia.
She will become the first female governor of the RBA when she takes over the role from Mr Lowe, who will end his seven-year term in September.
Her new role will begin on 18 September and run for a seven-year term.
Ms Bullock, currently the deputy governor of the central bank, has been with the RBA since 1985.
She is deputy chair of the Reserve Bank Board and deputy chair of the Payments System Board and a member of Chief Executive Women (CEW). Prior to her current role, Ms Bullock was the assistant governor (financial system).
Ms Bullock also held a variety of senior management positions in the bank. She was assistant governor (business services), assistant governor (currency), adviser for the Currency Group, and, before that, head of payments policy department.
Mr Albanese and Mr Chalmers both stated she was the “right person” for the job.
Mr Chalmers said: “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.”
This article originally featured in TheAdviser