The Reserve Bank of Australia has announced the promotion of Michael Plumb to the role of head of banking.
In the new role, Dr Plumb will lead the RBA’s banking department which provides a range of banking services to the Australian government and its agencies as well as overseas central banks and official institutions.
Dr Plumb originally joined the RBA in 2001 and most recently served as chief representative at the bank’s New York representative office.
He has held a number of senior roles during his time at the central bank including deputy head of economic analysis department and deputy head of economic research department.
“I'm delighted that Michael will be leading this dynamic department, which lies at the very heart of our role as the government’s banker,” said RBA assistant governor for business services Michelle McPhee.
“Among the many critical functions it performs, this department processed all the JobKeeper and COVID-19 disaster payments during the pandemic, helping bring relief to thousands of Australians. I’m confident that Michael’s vast experience and strong skill set will help him steer the team through these challenging times.”
Dr Plumb holds a bachelor of economics (honours) and a master’s in economics and econometrics (honours) from the University of Sydney as well as a doctorate in economics from the University of Oxford.
He will begin in the role of head of banking this week and will report to Ms McPhee.
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.