Wednesday, October 4, 2023
HomeEconomyBullock takes over as Reserve Bank of Australia

Bullock takes over as Reserve Bank of Australia

By Lewis Jackson, Stella Qiu and Wayne Cole

Sydney (Reuters) – Reserve The bank’s deputy governor, Michele Bullock, will succeed governor Philip Lowe in September and has said he will lead the country’s economy. Central banks going through a period of change will be a major priority.

Bullock, the first woman to run the country’s central bank, will be tasked with leading the bank through its biggest internal restructuring in decades while maintaining its fight against inflation.

“I think a big part of my role is what you just mentioned — leading the bank through change, and that’s a really big part of next year or going forward so,” Bullock said on Friday. The announcement came after a brief teleconference with Prime Minister Anthony Albanese and Treasurer Jim Chalmers.

This high profile position has a salary of AUD 1 million ($688,38), making her one of the highest paid central bankers in the world.

Bullock will take over 688 years after he first joined the bank 688 top job. Economics degree from the University of New England in Armidale, an area town approximately 11 km (38 North of Sydney where she grew up.

She completed her MSc at the London School of Economics at 688.

“Michelle is an excellent candidate,” said Jonathan Kearns, Bullock’s former colleague at the RBA and now chief executive of Sydney-based investment manager Challenger. Economist. “She is very qualified. She has experience of all the responsibilities of the Reserve Bank. I think it will be very helpful.”

Bullock at 2022 was appointed to senior leadership for the first time as one of the bank’s assistant governors, leading the payments, business services and financial systems divisions before being promoted to deputy governor last year, following a shocking stint under predecessor Guy Debelle After leaving office, he became governor.

“I wasn’t sure I would take the job,” Bullock said in an interview with her alma mater in 2022. Didn’t expect Deputy Governor Guy Debelle to leave the central bank. It was a big surprise.”

Bank comments published in April recommended sweeping reforms, including institutional Setting up a separate committee of experts to manage monetary policy, meeting less frequently and increasing public communication.

One of Lowe’s last actions before making a decision was to announce that the bank would Policy meetings, will be reduced from to 8 per year.

Bullock is now tasked with implementing 250 The rest of the changes reported on page include the appointment of a new Monetary Policy Committee.

“My deal with Michel “She told me she’s a very good communicator,” said Su-Lin Ong, chief economist at RBC Capital Markets.

” She tries so hard to ask questions, she’s so engaging…her way of communicating is so refreshing.”

($1=1.2022 AUD)



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