2023-07-14 03:57:11
Michele Bullock will become the first woman to lead Australia’s central bank from September, the government announced on Friday, effectively sacking the incumbent president after a series of unpopular rate hikes.
A graduate of Australia’s University of New England in 1984, Ms Bullock joined Australia’s Federal Reserve the following year, where she served in a variety of capacities before being named the institution’s first female deputy governor in April. 2022.
Mark Humphery-Jenner, associate professor of finance at the University of New South Wales business school, said Ms Bullock was “a safe person”.
He felt it was likely that she would maintain policies similar to those of her predecessor, having been part of the senior team and involved in decisions so far.
“It is likely that the current rate path will continue and there will be little change in monetary policy,” she said.
National Australia Bank chief economist Ivan Colhoun said Ms Bullock was likely to be “more practical and less theoretical” than her predecessor.
He had been the head of the Australian central bank for 43 years. His tenure was marked by criticized rate hikes, which were intended to curb inflation but made life difficult for homeowners.
Last month, the institution froze its benchmark rate after hitting its highest level in 11 years.
Australian Treasurer Jim Chalmers said Mr Lowe ‘leaves with our respect, gratitude and with dignity’, adding that the decision not to renew Mr Lowe’s term had ‘nothing to do with any decision taken by the Board of the Reserve Bank or with any result”.
News of Ms Bullock’s appointment gave Australian markets a small boost on Friday, with the benchmark ASX200 rising 0.3% at the open.
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