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Updated
New RBA governor takes over
Australia’s central bank will get a new leader this week as Michele Bullock steps into the Reserve Bank’s top job.
The first woman to head the RBA will take the reins from outgoing governor Dr Philip Lowe as his seven-year tenure wraps up.
The RBA has fired off 12 interest rate hikes and price growth has started to decelerate, though finishing the job while keeping the economic wheels turning will be Bullock’s most pressing task.
RMIT associate professor of economics, Ashton de Silva, said Bullock was taking on the role at a time when the RBA’s job was only getting harder.
It’s actually having to oversee what is something that’s becoming more and more complex, not just by region but also by cohort.
The difference between “who’s doing it tough and who might not be doing it as tough” was becoming more pronounced.
He also said he did not think Australians should expect a dramatic change in how the central bank manages interest rates to bring down high inflation.
It’s not just up to the governor to make interest rate decisions but the whole board, and Bullock has been in each meeting since interest rates started going up as deputy governor.
Treasurer Jim Chalmers said Bullock brought exceptional experience and leadership to the role.
We have a particularly busy period ahead as we work to implement the recommendations of the RBA review and agree to a new statement on the conduct of monetary policy by year’s end.
Bullock’s first week on the job will include the release of the minutes from the September cash rate meeting on Tuesday.
The RBA board kept interest rates steady at 4.1 per cent for the third time in a row when they met at the start of the month.
- AAP
