Australia’s Central Bank Picks Michele Bullock as First Female Governor

<p>Michele Bullock has been appointed as the ninth Governor of the Reserve Bank of Australia (<a href="https://www.financemagnates.com/tag/rba/" target="_blank" rel="follow">RBA</a>), the Australian Treasury reported today (Friday).
Bullock takes over from Philip Lowe, who will complete his seven-year tenure on
September 17.</p><p>Bullock joined the RBA as an
analyst in 1985 and will be the first woman to head the institution. She is
expected to steer the bank, which acts as the central bank and the issuer of banknotes in Australia, at a time the country is facing the challenges
of a high inflation rate and unemployment.</p><p>Bullock to Curb Inflation</p><p>According to a report released by the Australian Bureau of
Statistics, in May, inflation stood at 5.6% in the country. The figure is above
RBA's target of between 2 and 3%. In contrast, the
unemployment rate was reported at 3.5% during the period.</p><p>Commenting about her new
appointment, Bullock said in a <a href="https://www.rba.gov.au/media-releases/2023/mr-23-17.html" target="_blank" rel="follow">statement</a>: "I am deeply honoured to have been appointed
to this important position. It is a challenging time to be coming into this
role, but I will be supported by a strong executive team and the board." </p><p>In
her role, Bullock will also chair the Reserve Bank Board, the
<a href="https://www.financemagnates.com/terms/p/payments/">Payments</a> System Board, and the Council of Financial Regulators. The RBA has
been in operation for the past 63 years. Its main roles are controlling the
inflation rate and unemployment.</p><p>Emerging Digital Asset
Space</p><p>Additionally, Bullock is expected
to address the new challenges and potential opportunities in the emerging
sector of digital assets. In March, the RBA announced that it was exploring the
viability of launching a central bank digital currency (<a href="https://www.financemagnates.com/cryptocurrency/coins/central-bank-digital-currencies-cbdcs-transforming-the-future-of-money-in-2023/" target="_blank" rel="follow">CBDC</a>) for use in offline payments. The Australian
government is further working with the Australian Securities and Investments
Commission (<a href="https://www.financemagnates.com/terms/a/asic/">ASIC</a>) to <a href="https://www.financemagnates.com/cryptocurrency/australia-aims-to-regulate-crypto-under-financial-system-makeover/" target="_blank" rel="follow">regulate
cryptocurrencies</a>.</p><p>The Australian Treasury
and the RBA have lauded Lowe for leading the central bank through economic
disruptions, including the challenges brought by the impact of the Covid-19
pandemic and the Russian invasion of Ukraine. Governor Lowe praised Bullock,
saying that the RBA was in good hands as it dealt with the current challenges.</p>

This article was written by Jared Kirui at www.financemagnates.com.