Australia appoints Michele Bullock as next central bank governor
Bullock, currently deputy governor of the central bank, becomes the first woman to lead the Australian central bank in its 63-year history.
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The Australian Treasury announced Friday that Michele Bullock has been appointed as the ninth Governor of the Reserve Bank of Australia.
Bullock, the current deputy governor of Australia's central bank, is the first woman in the 63 year history of the bank to be the leader.
She will succeed Philip Lowe, who is completing his seven-year tenure on September 17.
The Australian Treasury announced Friday that Michele Bullock has been appointed as the ninth Governor of the Reserve Bank of Australia.
Bullock, who is currently the deputy governor of Australia's central bank, will become the first woman in the 63-year-old history of the Australian central banks, according to a statement released by the Australian Treasury. She will succeed Philip Lowe, who is completing his seven-year tenure in office on September 17.
"I feel incredibly honored to be appointed to such an important position. "It is a difficult time to take on this important role, but a strong executive and board will support me,"
Bullock said
In a press release. "I am dedicated to ensuring the Reserve Bank achieves its operational and policy objectives in the best interests of Australians."
Lowe was criticized for his communication and policy guidance. Lowe, who had repeatedly said in 2021 interest rates wouldn't rise until 2024 but then raised them 400 basis points in May of last year when inflation surged unexpectedly, was criticized for his policy guidance and communication.
In June, Australian Treasurer Jim Chalmers delayed his decision until the end of July. The RBA is Australia’s central bank, and is responsible for issuing banknotes.
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