(6 December 2011 – Australia) There have been two new appointments made to the Reserve Bank of Australia (RBA) board by Treasurer Wayne Swan ahead of the monthly meeting today.The appointments include a new deputy governor, with Philip Lowe replacing Rick Battelino, who is retiring.
‘Dr Lowe’s promotion comes after a very distinguished career at the RBA beginning in 1980,’ Mr Swan said.
‘Since April 2009, Dr Lowe has served as assistant governor (Economic) and has been the chief economic adviser to the governor and the Reserve Bank board.’
Australian Industry Group chief executive Heather Ridout has been appointed as a board member, Swan said at the announcement on Monday.
Swan said Ms Ridout, who is a member of several key national policy advisory groups including one on manufacturing, would bring an extensive business background to the RBA.
Ridout has been an outspoken voice in calling for interest rate cuts, warning that Australia’s manufacturing industry is facing a real crunch from weak demand and competitiveness stemming from the high Australian dollar.