RBA Appoints First Woman to Lead Australia’s Central Bank

Australia’s central bank has announced its first female leader in its over six-decade-long history. Michele Bullock will take over the role of governor of the Reserve Bank of Australia (RBA) from Philip Lowe, who is concluding his seven-year term.

This appointment comes at a critical juncture for the RBA, as Australia grapples with surging prices and the need for significant changes within the bank. In response to rising inflation, the RBA has recently implemented the highest interest rates seen in more than ten years. The financial services industry in Australia has long been dominated by men, contributing to a notable gender pay gap. Michele Bullock’s selection as the new governor is a significant step towards addressing this imbalance and promoting diversity within the sector.

Currently serving as the deputy governor of the RBA, Bullock will commence her seven-year term as governor on September 18th. Michele Bullock brings extensive experience to her new position, having spent almost four decades at the RBA. Her career trajectory within the central bank includes holding senior management roles such as assistant governor and head of the payments policy department. She was appointed deputy governor in April 2022.

Australian Prime Minister Anthony Albanese praised the selection, hailing Bullock as an “outstanding economist” and emphasising her long and distinguished tenure at the RBA. He expressed confidence in her ability to lead the central bank in the face of ongoing economic challenges, both in Australia and the wider world.