Change of Reserve Bank Governor

Media release – Reserve Bank of Australia, 14 July 2023

Appointment of Reserve Bank Governor

The Treasurer, the Hon Dr Jim Chalmers MP, has appointed Michele Bullock as Governor of the Reserve Bank of Australia for a seven-year term commencing 18 September 2023.

Governor Philip Lowe said: ‘The Treasurer has made a first-rate appointment. I congratulate Michele on being appointed Governor. The Reserve Bank is in very good hands as it deals with the current inflation challenge and implementing the recommendations of the Review of the RBA. I wish Michele all the best.’

The role of Reserve Bank Governor comes with several responsibilities, including Chair of the Reserve Bank Board, the Payments System Board and the Council of Financial Regulators. As Governor, Ms Bullock will also be responsible for the management of the Bank under the Reserve Bank Act 1959.

Following the Treasurer’s announcement, Deputy Governor Michele Bullock said: ‘I am deeply honoured 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. I am committed to ensuring that the Reserve Bank delivers on its policy and operational objectives for the benefit of the Australian people.’

Governor Lowe will continue in his position until the end of his term on 17 September 2023. The position of Deputy Governor from 18 September 2023 will be filled by the Treasurer in due course.

Media release – Nick McKim, Greens Senator for Tasmania, 14 July, 2023

RBA Governor

The sacking of RBA Governor Dr Phillip Lowe is a victory for accountability, but nothing will change for renters and mortgage holders until Labor changes its approach.

“Replacing one RBA insider with another is business-as-usual, and a clear signal that renters and mortgage holders will keep getting smashed to solve a problem they didn’t cause.

“Corporate profiteering and spending by the wealthy are the domestic drivers of inflation.

“Labor needs to tax corporate super profits and wealth. That would be anti-inflationary and reduce the pressure on the RBA to use the only tool it has.

“The decision to sack Dr Lowe is vindication for the Greens who have been calling for him to go for some time.

“Dr Lowe made a series of mistakes and poor calls that resulted in renters and mortgage holders getting smashed for inflation they didn’t cause.

“But corporate Australia will be heaving a giant sigh of relief today.

“It’s clear that interest rate rises will continue to be used as a tool to increase unemployment and suppress wages, and that monetary policy will not be used to address inequality or climate breakdown.”