Reserve Bank of Australia appoints 1st woman head

Australia: Australia’s central bank has announced the appointment of the first woman to lead the Reserve Bank of Australia (RBA). Ms. Michele Bullock, currently the RBA’s deputy governor, is breaking the 63-year male-dominated history of the bank.

Ms. Bullock will take over after Mr. Philip Lowe, the current governor, on 18th September 2023. Mr. Lowe has been the RBA’s head for seven years. The current Australian economy is struggling with inflation, and the RBA is facing a major shakeup. As per the statement, this situation is going to be tough for Ms. Bullock as the head.

“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,” Ms. Bullock commented in a statement.

The current RBA deputy governor will have to focus on tackling inflation and the nation’s highest gender pay gaps after joining. Mr. Lowe had been criticised for suggesting that Australians should work more and spend less to deal with higher borrowing costs.

Ms. Bullock joined the RBA in 1985 after graduating from Australia’s University of New England, working in senior management positions including assistant governor and head of the payments policy department before being appointed as the RBA’s deputy governor in April 2022.

BREAKING: Congratulations Michele Bullock, Australia’s 9th Reserve Bank Governor.

Michele is an outstanding economist, with a long and distinguished career at the central bank.

At a critical time for the global economy, her job will be an important one.

— Anthony Albanese (@AlboMP) July 13, 2023

Australia’s Prime Minister Mr. Anthony Albanese tweeted that Ms. Bullock was “an outstanding economist, with a long and distinguished career at the central bank.”