Appointment of new RBA Governor

Friday, 14 July 2023

The Coalition welcomes the promotion of Deputy Governor Michele Bullock to Governor of the Reserve Bank of Australia and thanks Dr Philip Lowe for his service. 

Dr Lowe is one of Australia’s most capable economists and has dedicated his career to serving Australia’s economic institutions. Dr Lowe’s contribution to Australia’s recovery from the Covid pandemic cannot be understated and played a vital role in saving jobs, small businesses, and livelihoods during a highly uncertain period. 

Ms Bullock is a highly capable and qualified economist who has had a distinguished career at the Reserve Bank since joining in 1985.

The appointment makes Ms Bullock the first female Governor of the Reserve Bank.

Shadow Treasurer Angus Taylor thanked Dr Philip Lowe for his service and congratulated Ms Bullock on her appointment. 

“Dr Lowe has been an independent, distinguished, and dedicated Governor who has helped to steer Australia through some of our biggest economic challenges,” Mr Taylor said. 

“Michele Bullock is a highly capable economist, with qualifications from the London School of Economics and University of New England, who has served the Reserve Bank with distinction for 38 years. 

“With inflation at its highest level in three decades, it is essential Australians can have confidence in this crucial economic institution and that we continue to have a credible and capable Reserve Bank. 

“Families are feeling the impacts of higher prices and rising interest rates every day. Along with strong economic management, a strong Reserve Bank is essential to addressing the inflation that is driving higher prices.”

A change of Governor does not make up for a year of inaction from the Labor government on inflation. 

It is critical the government takes action to assist the new Governor in reducing pressure on inflation by bringing down wasteful spending.