RBA to Announce New Deputy Governor Ahead of December Meeting

Australia’s Treasurer, Jim Chalmers, is expected to announce the appointment of a new deputy governor for the Reserve Bank of Australia (RBA) prior to the bank’s meeting on December 5th. This was disclosed during an interview on the Insiders show on ABC News. The position became vacant after Michele Bullock, who is heavily involved in the selection process, took on the role of governor in September, following the departure of Philip Lowe amid significant banking reforms.

This change marks the first major reshuffle since the 1990s and is part of a broader change management initiative that will incorporate more media briefings and additional speakers starting next year. Chalmers has been engaging with various candidates shortlisted for the deputy governor role as part of this extensive process.

Additionally, Chalmers intends to present legislation for the Reserve Bank review by the end of November. This new legislation will create a governance board, with Bullock serving as its initial chair, and will consist of three separate boards focusing on payments, monetary policy, and governance. A review of these changes is planned to take place after five years to support ongoing efforts to modernize and enhance the efficacy of the RBA.