RBA names its first female governor

Australian Treasurer, Jim Chalmers, and Prime Minister, Anthony Albanese have announced Michele Bullock will be appointed as head of the Reserve Bank of Australia (RBA), succeeding current governor, Philip Lowe.

Bullock will be the RBA first female governor since it was founded in 1960, and will start her seven-year term on September 18.

“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,” said Bullock in a statement.

Bullock joined the RBA four decades ago as an analyst, then held senior management positions, including assistant governor and head of the payments policy department, and later became deputy governor in 2022.

“Ms. Bullock is an outstanding economist, with a long and distinguished career at the central bank. We believe she has the experience, expertise and fresh perspective to lead the RBA as Australia – and the world – face ongoing economic challenges,” said Albanese.

Australia’s financial industry still has one of the country’s highest gender pay gaps, as the Workplace Gender Equality Agency reported a 28.6 percent difference in remuneration between male and female employees across the sector in 2022.

The pay gap percentage in the financial industry is higher than the national gender pay gap of 22.8 percent.