Australia appoints Michael Bullock as its next central bank governor

  • On Friday, the Australian Treasury announced the appointment of Michelle Bullock as the ninth governor of the Reserve Bank of Australia.
  • Bullock, who is currently Deputy Governor of the Central Bank, becomes the first woman to lead the Reserve Bank of Australia in its 63-year history.
  • Incumbent Philip Lowe succeeded when he completed his seven-year term in office on 17 September.

On July 14, the Australian Treasury announced the appointment of Michael Bullock as the ninth Governor of the Reserve Bank of Australia. She is also the first female Governor of the Reserve Bank of Australia in its 63-year history.

Brendon Thorne | Getty Images News | Getty Images

On Friday, the Australian Treasury announced the appointment of Michelle Bullock as the ninth governor of the Reserve Bank of Australia.

The Australian Treasury said in a statement that Bullock, who is currently deputy governor of the central bank, became the first woman to lead the Australian central bank in its 63-year history. Incumbent Philip Lowe succeeded when he completed his seven-year term in office on 17 September.

“I am deeply honored to be appointed to this important position. It is a challenging time to assume this position, but I will be supported by a strong executive team and boards of directors,” Pollock said in the current situation. “I am committed to ensuring that the Reserve Bank achieves its policy and operational objectives for the benefit of the Australian people.”

Lowe has faced criticism over his political direction and outreach. After saying repeatedly in 2021 that interest rates wouldn’t rise until 2024, he ended up raising interest rates by 400 basis points since May last year to their highest levels in 11 years when inflation unexpectedly picked up.

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Australian Treasurer Jim Chalmers in June delayed his decision until the end of July. The Reserve Bank of Australia is the central bank and authority for issuing banknotes in Australia.

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