New RBA governor appointed
(6 May 2016 – Australia) The Australian government has appointed Philip Lowe as governor of the country’s central bank prior to going into caretaker mode for the upcoming federal election.
Lowe is currently the deputy governor to Glen Stevens.
Governor Stevens has lead the Reserve Bank of Australia (RBA) for ten years. He was accepted a shorter-than-normal three year re-appointment in 2013. His second term expires in September.
Lowe has worked at the bank since 1980. His roles at the RBA include head of economics, head financial stability, head of domestic markets and assistant governor responsible for the financial system.
He also served as head of the financial institutions and infrastructure division at the Bank for International Settlements in Switzerland where he authored important research on role of central banks in low-inflation environments.
Speaking of the appointment, outgoing Governor Stevens said "There could be no one better qualified than Phil Lowe to lead the bank through the next seven years."
"The bank will be in the best hands."
Treasurer Scott Morrison said: "Dr Lowe brings a wealth of knowledge and experience to the role of governor, having served as the RBA deputy governor since early 2012, heading up many of the RBA's analytical departments, and publishing on a wide range of issues relevant to the operation of monetary policy over his three decade career with the RBA."
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