Ms Bullock has been announced as the ninth Governor of the Reserve Bank of Australia (RBA) for a seven‑year term beginning on 18 September 2023.
Following the Treasurer Jim Chalmer’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.’
A 38-year veteran of the bank, Ms Bullock is currently deputy governor, having been appointed to that post by the previous treasurer Josh Frydenberg in April last year. She replaces Philip Lowe in the role.
Mr Chalmers described Ms Bullock as “an outstanding economist and leader with a deep understanding of the RBA's role and operations, built up over her long and distinguished career with the central bank”.
“Her appointment strikes the optimal balance between providing exceptional experience and expertise and offering a fresh leadership perspective,” he added.
““We are confident that Ms Bullock will provide the strong leadership and stability necessary for the RBA to navigate an increasingly complex and rapidly changing economic environment.”
Ms Bullock, who will oversee the implementation of the recommendations of the Review of the Reserve Bank of Australia, joined the bank as an analyst in 1985. Her responsibilities in senior roles at the RBA have included the financial system, business services, the currency, and the payments system.
She holds a Masters of Science (Economics) degree from the London School of Economics and a Bachelor of Economics (Hons) from the University of New England.