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Treasurer appoints new RBA deputy governor

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A Bank of England executive director will fill the role vacated by Michele Bullock.

Treasurer Jim Chalmers has announced the appointment of Andrew Hauser as deputy governor of the Reserve Bank of Australia (RBA) for a five‑year term.

Mr Hauser joins the RBA from the Bank of England (BoE), where he has spent more than 30 years, including the past five as executive director for markets.

In a statement on Monday, Dr Chalmers said that Mr Hauser will bring international expertise in macroeconomics, markets, and central banking operations to the RBA.

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“His appointment strikes the right balance between providing deep central banking experience and offering a fresh, global perspective to the work of the RBA,” the Treasurer said.

“He will work closely with governor Bullock to implement the recommendations of the review of the Reserve Bank of Australia, including a stronger monetary policy framework for the benefit of all Australians.”

Dr Chalmers will this week introduce a bill into Parliament to implement RBA review recommendations which require legislation, including splitting the board into two.

Michele Bullock, who vacated the deputy governor role when she became RBA governor in September, welcomed Mr Hauser’s appointment in a statement on Monday.

“I warmly congratulate Andrew on his appointment as the deputy governor of the Reserve Bank and look forward to working with him. He has great experience and will bring a welcome external perspective to the bank and the Reserve Bank board,” Ms Bullock said.

Commenting on his appointment, Mr Hauser said he was deeply honoured to have been asked to serve as the RBA’s next deputy governor.

“I look forward to working closely with Michele Bullock, her senior team, and the talented staff of the RBA to serve the Australian people, and to help make a reality of the recommendations of the RBA review,” he said.

Mr Hauser is expected to commence in the deputy governor role in early 2024, ahead of the RBA’s first board meeting of the year on 5–6 February.

As executive director for markets at the BoE, Mr Hauser’s responsibilities include balance sheet operations, the UK’s official foreign exchange reserves, and providing market intelligence and analytical advice to the monetary and macro‑prudential policy committees.

He previously held senior roles across most of the BoE’s other major functions, including its international economic analysis and its intelligence‑gathering regional agencies.

Mr Hauser also formerly served as a member of the executive board of the International Monetary Fund in Washington DC. He holds a master of economics from the London School of Economics and a first degree from Oxford University.

Dr Chalmers said that Mr Hauser’s appointment came after a “thorough, methodical and considered selection process” in consultation with Ms Bullock, which led to the cabinet endorsing his recommendation on Monday.

“Mr Hauser comes highly recommended for the position of deputy governor of the Reserve Bank, and his appointment will help ensure we have the most effective central bank to meet our current and future economic challenges,” the Treasurer said.

According to Dr Chalmers, the Albanese government is confident that Mr Hauser has the skills and experience required to help the RBA navigate an “increasingly complex and uncertain economic environment”.

The Treasurer added that the latest move completes the government’s appointments to the new RBA leadership team.

Appointments to other leadership positions, including the assistant governor (economic) role vacated by Luci Ellis earlier this year, are the responsibility of the RBA governor and are expected to be announced soon.

Treasurer appoints new RBA deputy governor

A Bank of England executive director will fill the role vacated by Michele Bullock.

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Jon Bragg

Jon Bragg

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.

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