July 14 (UPI) — Australia has announced the appointment of Michele Bullock as the governor of the Reserve Bank of Australia, making her the first woman to lead the central bank.
Bullock, who previously served as deputy governor, will assume her role as the bank governor on September 18th for a term of 7 years. [source]
Bullock expressed her gratitude for the appointment, stating, “I am deeply honored 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.”
Bullock’s appointment comes at a critical juncture for the RBA as it faces various economic and organizational challenges, including ongoing efforts to combat inflation and major restructuring initiatives. The bank recently announced a reduction in the number of board meetings from eleven to eight.
Outgoing governor Philip Lowe congratulated Bullock on her appointment, stating, “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.”
Prime Minister Anthony Albanese acknowledged the significant challenges ahead but expressed confidence in Bullock’s ability to navigate them. He said, “Michele’s will be an important job at an important time.”
In June, the RBA raised its main interest rate to 4.1% from 3.85% due to the country’s 7% inflation rate, high services prices, rising labor costs, and lackluster productivity.
However, in a recent statement on July 4th, the bank held interest rates steady, citing the impact of previous rate hikes and the uncertainty surrounding the economic outlook.
In April, the RBA chose not to raise interest rates despite high global inflation rates, stating that Australian inflation had reached its peak and is expected to moderate in the coming months.
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