Philip Lowe loses top job; Cabinet appoints Michele Bullock as new RBA Governor

The Reserve Bank of Australia Governor, Philip Lowe, has officially lost his job and will not be reappointed in September.

Despite Prime Minister Anthony Albanese quashing rumours regarding Lowe’s job on Thursday saying meetings were “regularly held” by the Cabinet.

However, this morning, the Cabinet has decided on Lowe’s replacement – Deputy Governor Michele Bullock.

Ms Bullock has sat on the RBA board alongside Lowe since COVID.

Mr Lowe expressed the Reserve Bank was handing the baton over to the right person.

“I congratulate Michele on being appointed Governor. The Reserve Bank is in very good hands as it deals with the current inflation challenge and implementing the recommendations of the Review of the RBA,” he said.

The official appointment set by the RBA is for a term of seven years commencing on September 18, 2023.

‘I am deeply honoured to have been appointed to this important position,” Ms Bullock said.

“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.”

The decision comes in the wake of the RBA’s latest pause, deciding not to move ahead with the 13^th increase in 15 months.