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RBA: New Monetary & Governance Boards Announced, Will Start In March

RBA
Central Bank NewsForeign Exchange BulletsAPACAustraliaBulletMarketsFixed Income BulletsRBA

Legislation was passed earlier this month to allow for both monetary policy and governance Boards. RBA Governor Bullock requested that there was continuity on the former for policy setting and that seems to be the case with only two new members, which have been named as Professor Fry-McKibbin, a monetary policy specialist, and former Bendigo Bank head Baker. The new structure will begin from March 2025 and so will be in place for the March 31-April 1 meeting.

  • Fry-McKibbin was on the panel that completed the RBA review and recommended that the central bank have two boards to allow for more economics experience in setting policy.
  • Baker was head of Bendigo and Adelaide Bank until this year and the deputy of the Australian Banking Association.
  • Harper, Watkins, Ross and Hewson will remain on the monetary policy board with RBA Governor Bullock, Deputy Governor Hauser and Treasury Secretary Kennedy.
  • Existing Board members Schwartz and Rubin will move across to the new governance board and the past Business Council head Westacott, law firm Gilbert+Tobin chair Gilbert, Xero chair Thodey and ex-banking exec Dave are the new appointees. Bullock will chair the board with Schwartz as deputy.
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Legislation was passed earlier this month to allow for both monetary policy and governance Boards. RBA Governor Bullock requested that there was continuity on the former for policy setting and that seems to be the case with only two new members, which have been named as Professor Fry-McKibbin, a monetary policy specialist, and former Bendigo Bank head Baker. The new structure will begin from March 2025 and so will be in place for the March 31-April 1 meeting.

  • Fry-McKibbin was on the panel that completed the RBA review and recommended that the central bank have two boards to allow for more economics experience in setting policy.
  • Baker was head of Bendigo and Adelaide Bank until this year and the deputy of the Australian Banking Association.
  • Harper, Watkins, Ross and Hewson will remain on the monetary policy board with RBA Governor Bullock, Deputy Governor Hauser and Treasury Secretary Kennedy.
  • Existing Board members Schwartz and Rubin will move across to the new governance board and the past Business Council head Westacott, law firm Gilbert+Tobin chair Gilbert, Xero chair Thodey and ex-banking exec Dave are the new appointees. Bullock will chair the board with Schwartz as deputy.