Australia's Treasurer, Jim Chalmers, is set to announce the appointment of a new deputy governor for the Reserve Bank of Australia (RBA) before the bank's meeting on December 5th. This information was revealed during an interview on the Insiders show on ABC News. The position became available after Michele Bullock, who is deeply involved in the selection process, assumed the position of governor in September, succeeding Philip Lowe amidst a significant banking overhaul.
This reshuffle, the first since the 1990s, is part of a comprehensive change management program that will include more news briefings and speakers starting next year. Chalmers has been interviewing diverse candidates shortlisted for the deputy governor role as part of this process.
In addition to this, Chalmers plans to introduce the Reserve Bank review legislation by late November. This legislation will establish a new governance board, chaired initially by Bullock, and will encompass three boards - payments, monetary policy, and governance. A review of these changes is scheduled after five years as part of the ongoing efforts to modernize and improve the effectiveness of the RBA.
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