Reserve Bank of Australia (RBA) is going to make history as it has decided to appoint the first female deputy governor in the bank’s 62-years history. The Bank has confirmed that Michele Bullock has been promoted to Deputy Governor of the Reserve Bank of Australia (RBA) by Treasurer Josh Frydenberg, from her existing post of Assistant Governor responsible for financial stability.
Ms. Bullock succeeds Guy Debelle, who was highly expected to succeed incumbent Philip Lowe, who abruptly quit earlier this month to pursue a career in the private sector. Ms. Bullock joined the bank in 1985 and has progressed through the ranks, holding three assistant governor posts, the most recent of which was in charge of financial stability and payments system monitoring.
Michele Bullock will join the RBA’s nine-member policy-making Board, which sets interest rates, in her new position. On April 5, the next monthly meeting is scheduled, and economists expect rates to remain at a record low of 0.1 percent. Because the economy is developing robustly and inflation is rapid, RBA Governor Philip Lowe believes an increase could happen later this year.
Furthermore, she also engages with the Australian Prudential Regulation Authority, the Australian Securities and Investments Commission, and the Treasury Department on the Council of Financial Regulators. In addition, Mr. Frydenberg failed to consult on the appointment of Ms. Bullock, who, as deputy, is now a front-runner to replace Dr. Lowe, whose tenure expires in 2023, according to Shadow Treasurer Jim Chalmers.