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RBA’s significant move: ‘First time in 62-year history’

Sydney, Australia - December 6, 2015: Reserve bank of Australia (RBA) silver text on the black stone wall in front of its office building in Sydney central business district. There is no people in the photo. This photo is taken in the afternoon.
Michele Bullock has been appointed the first female deputy governor of the RBA. (Source: Getty) (EyeOfPaul via Getty Images)

For the first time in its 62-year history, the Reserve Bank of Australia (RBA) has a female deputy governor, after the Morrison Government announced the appointment of Michele Bullock for a five-year period.

Bullock has had a distinguished career at the RBA, after joining in 1985 as an analyst.

She has been an assistant governor of the RBA since 2010 and has held a number of senior positions during her time at the central bank.

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Bullock is currently assistant governor, financial system, with responsibility for the RBA’s work on financial stability and oversight of the payments system.

Prior to this, she served as assistant governor of business services with oversight of the RBA’s operational businesses including note issue, payments settlements and banking.

Bullock is also a member of the Council of Financial Regulators and works extensively with the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investments Commission (ASIC) and the Department of the Treasury.

Guy Debelle resigns

Bullock’s appointment follows the departure of Guy Debelle, who resigned in March after working with the RBA for 25 years, and holding the position of deputy governor for six years.

“I am honoured and privileged to have worked at the bank for the past 25 years and contributed to improving the welfare of the Australian people,” Debelle said when announcing his resignation.

“The Bank is a great institution, which serves Australia well, including most recently through the policy response to COVID, which has helped the country come through the crisis in a strong position.”

Debelle announced he was taking on a new role of chief financial officer at Fortescue Future Industries (FFI), a global green energy and product company committed to producing zero-emission green hydrogen from 100 per cent renewable sources.

“Bringing in someone of Dr Debelle’s economic credibility goes to the heart of our vision for FFI,” Fortescue chair and founder Andrew Forrest said.

“Not only are we committed to arresting climate change, we are also committed to creating economic growth, increasing jobs and growing our business profitability.

“Dr Debelle, with the leadership team, will drive the most optimal financial solutions for FFI’s vast technology and energy portfolio. This will be instrumental in Fortescue’s journey to become the best green hydrogen, energy and resources company in the world.”

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