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Michele Bullock Announced as New Head of RBA

Updated: Jul 18

On Friday the 14th of July 2023 the Reserve Bank of Australia (RBA) announced Michelle Bullock's as the replacement for Governor of the RBA, taking over from Philip Lowe who is retiring after 7 years in the role. Ms. Bullock will start in her new role on the 18th of September 2023. Mr. Lowe stated that the RBA would be in "very good hands" under Ms. Bullock's direction. In a statement Ms. Bullock said that she was "deeply honoured" to be appointed to such a position.

RBA Goveernor Michele Bullock smilng overlaid with the front entrance signage to the Reserve Bank of Australia with the text "Michele Bullock" foregrounded.

While it remains to be seen how the RBA will manage the cash rate into the future under Ms. Bullock's tenure, earlier statements suggest she will not be adjusting the RBA's current policy. Speaking to the Australia Industry Group, Ms. Bullock stated that the RBA's aim was to return inflation back to 2 to 3 percent by mid-2025 and that interest rates were their only mechanism of addressing inflation:

“As interest rates rise, people are incentivised to save more rather than consume, and that reduces demand...It also keeps the exchange rate a bit higher, which means that imported inflation is lower...It is our only tool; it works through a number of different mechanisms...But, really, in bringing down inflation, that’s the only tool we have.”

Who is Michele Bullock?

Ms. Bullock began her career in the RBA in 1985 and has held a number of senior positions, including becoming Assistant Governor in 2010 and serving as Deputy Governor since 2022. Ms. Bullock holds a Bachelor of Economics (Hons) from the University of New England and a Master of Economics from the London School of Economics. Ms. Bullock is also the first woman to be appointed governor of the RBA.

On the same day of the announcement of Ms. Bullock's appointment, Samantha Maiden for published an article detailing Ms. Bullock's assets, stating that Ms. Bullock is "coming into the job with a multimillion-dollar property portfolio." The article described Ms. Bullock as a "Sydney landlord" who has "amassed a $6 million property portfolio." According to the official RBA declaration of material assets, Ms. Bullocks owns four properties, including a three-bedroom house in Sydney alongside her partner.

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