Michele Bullock spells continuity at RBA – but respite unlikely for borrowers

The new RBA governor Michele Bullock has been one of the nine board members who decided to raise interest rates at 12 of the bank’s past 14 meetings. Photograph: Darren England/AAP

When the Albanese government announced Michele Bullock as the next Reserve Bank governor on Friday, few were particularly surprised – and that was the plan.

Sure, the opposition leader, Peter Dutton, got on the front foot the previous day, prematurely warning against choosing a public servant. The treasurer, Jim Chalmers, had shared his shortlist with his shadow, Angus Taylor, but held back Bullock as his pick.