Speaking in Parliament today, Treasurer Scott Morrison announced that current deputy governor Philip Lowe will replace Glenn Stevens for a seven-year term from 18 September 2016.
"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," Mr Morrison said.
"Dr Lowe also served as Head of the Financial Institutions and Infrastructure Division at the Bank for International Settlements (2000 – 2002), where he authored important research on the financial stability role of central banks in low-inflation environments," he said.
The Treasurer also thanked Glenn Stevens for his "valuable leadership of the RBA over the past ten years".
"International developments required Mr Stevens to steward the RBA through a challenging decade for the Australian economy, which included the global financial crisis, the passing of a once in a generation terms of trade boom, and the rise and fall of an unprecedented mining investment boom.
"The Government thanks Mr Stevens and his staff for the role they played in helping the Australian economy navigate these significant challenges over the decade," Mr Morrison said.
"I am also pleased to announce the appointment of Professor Ian Harper as a part-time member of the Reserve Bank Board for a five-year term from 31 July 2016," he said.
The vacancy at the deputy governor level replaced by Dr Lowe's appointment will be filled in the second half of 2016, said the Treasurer.
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