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Decision On RBA Governor Post-Sept To Be Announced In July

RBA

Treasurer Chalmers has confirmed that the decision on the next RBA governor will be announced in July. Current governor Lowe’s 7-year term expires in mid-September and he has said that he is willing to have his term extended for another 3 years. But the government wants the governor to implement the recommendations of the RBA review, including press conferences, a new board structure, fewer meetings and a governance overhaul. The review may be an excuse to replace Lowe.

  • Deputy Governor Bullock is seen as the front runner to replace Lowe, but she refused to answer a question on Tuesday whether she would be happy to take over and she has only been on the Board since April 2022.
  • Other candidates include Finance secretary Wilkinson who is a former RBA and Treasury official, Treasury secretary Kennedy, former RBA deputy governor Debelle, ABS chief statistician Gruen and former Treasury secretary Parkinson, according to Bloomberg.
  • While the RBA is independent, the government decides who will be its governor and it is currently under pressure from within its ranks to replace Lowe because of the rate guidance during the pandemic, his warnings of a wage-price spiral and the extent of tightening this cycle.
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