RBA New Governor: Michele Bullock -

Michele Bullock has been appointed as the next governor of the Reserve Bank of Australia (RBA), making her the first woman to lead this significant institution. Bullock will be succeeding Philip Lowe, whose 43-year career at the bank will come to an end on September 17 when his current seven-year term as RBA Governor concludes. The government has faced criticism for Lowe’s actions, particularly regarding his statements in 2021 that suggested interest rates would remain low until 2024, only to commence rate hikes two years ahead of schedule in mid-2022.

Who is Michelle Bullock?

RBA New Governor: Michele Bullock has been working with RBA as the Deputy Governor since 02 April 2022. She is also a deputy chair of RBA, deputy chair of payment system board and member of Chief Executive Womens. She will take the role of Governor RBA from 18th Sep 2023. She brings with her vast experience working in the financial, business and currency sector. She hails from Armidale, NSW, but she also has a connection with Melbourne.

Announcement

The Treasurer Jim Chalmers appointed RBA New Governor: Michelle Bullock today at a press event. According to him Michelle is the best placed economist to take RBA into the future. He described Michele as an outstanding economist but also an accomplished and respected leader. The Treasurer wished Michelle all the best, he hoped she will lead RBA with more precision and generate a better outcome for Australian families.

The @AlboMP Govt has appointed Michele Bullock as the next Reserve Bank Governor. Her appointment strikes the optimal balance between providing exceptional experience & expertise and offering a fresh leadership perspective #ausecon #auspol @RBAInfo pic.twitter.com/rCDIKZUAzl
— Jim Chalmers MP (@JEChalmers) July 13, 2023

A media release is also published on the RBA website, highlighting the new appointment.

The PM Anthony Albanese also congratulated Michelle on the new role.

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

Education

University of New England (BEc Hons 1984)
London School of Economics (MSc 1989)

Career

1985–1998 Reserve Bank of Australia; various positions in Economic Group and International Department
1998–2007 Chief Manager, Payments Policy Department
2007–10 Head of Payments Policy Department
2010 Adviser, Currency Group
2010-2015 Assistant Governor (Currency)
2015-2016 Assistant Governor (Business Services)
2016-2022 Assistant Governor (Financial System)
2023-2030 Governor RBA (To be from 18th Sep 2023)