Michele Bullock named new Reserve Bank governor, replacing Philip Lowe

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Michele Bullock will become the first woman to lead the Reserve Bank of Australia, after Treasurer Jim Chalmers confirmed RBA governor Philip Lowe would not be reappointed to the role.

Bullock, who is the RBA’s deputy governor, has spent her entire career with the central bank, joining in 1985.

Michele Bullock will be the new Reserve Bank governor.Credit: Eamon Gallagher

Prime Minister Anthony Albanese said cabinet met on Friday morning to decide on Lowe’s future and confirm Bullock as his replacement.

He said Bullock is taking over the top job at a difficult time globally, but she was “eminently qualified” to handle it.

Treasurer Jim Chalmers said Bullock will take over as RBA governor from September 18.

“Michele Bullock is the person best placed to take the Reserve Bank into the future,” Chalmers said.

“Ms Bullock is an accomplished economist with wide experience in the RBA, including as deputy governor and deputy chair of the payment systems board.

“The incoming governor will oversee the implementation of the recommendations of the RBA review, to make sure that we have the most effective central and monetary policy framework as Australia and the world faces ongoing economic challenges.”

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