Mr Connolly, who is due to assume his new role on 20 December, was selected from a list of internal and external candidates following the retirement of Dr Tony Richards, the Reserve Bank confirmed in a statement on Wednesday.
Prior to this role, Mr Connolly, who has been with the bank for 20 years, was responsible for the supervision of systemically important clearing and settlement facilities and payment systems operating in Australia.
Mr Connolly's direct report, the assistant governor, Michele Bullock said, "Ellis brings a wealth of experience in regulation, the operation of markets and economics."
"He is a strong leader with a high level of skill in analysis and strategic thinking. His experience will be important as we pursue strategic priorities in payments policy."
The bank's priorities in this area include supporting the shift to digital payments; conducting research into innovations in the payments system, including central bank digital currencies; resolving competition and efficiency issues in the payments system; and continuing to promote the safety and resilience of financial market infrastructures and payment systems.
Maja Garaca Djurdjevic
Maja's career in journalism spans well over a decade across finance, business and politics. Now an experienced editor and reporter across all elements of the financial services sector, prior to joining Momentum Media, Maja reported for several established news outlets in Southeast Europe, scrutinising key processes in post-conflict societies.
