Australia has appointed Michele Bullock as the ninth governor of the Reserve Bank of Australia, the country’s Treasury said Friday.
Bullock, currently deputy governor of the central bank, becomes the first woman to lead the Australian central bank in its 63-year history, the Australian Treasury said in a statement. She succeeds incumbent Philip Lowe when he finishes a seven-year term in office on Sept. 17.
“I am deeply honored to have been appointed to this important position. It is a challenging time to be coming into this role, but I will be supported by a strong executive team and boards,” Bullock said in a statement. “I am committed to ensuring that the Reserve Bank delivers on its policy and operational objectives for the benefit of the Australian people.”
Lowe had faced criticism over his policy guidance and communication. After repeatedly saying in 2021 that interest rates would not rise until 2024, Lowe ended up hiking interest rates by a whopping 400 basis points since May last year to its highest in 11 years when inflation unexpectedly surged.
Australian Treasurer Jim Chalmers had in June delayed his decision to end-July. The RBA is Australia’s central bank and banknote issuing authority.
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