Monetary policy in Australia is potentially poised to take a new direction with the appointment of Reserve Bank of Australia (RBA)’s Philip Lowe as the newest governor of the group, replacing Glenn Stevens.
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Mr. Lowe will step into his new role as the RBA Governor on September 18, which will mark the beginning of a seven-year term for the former deputy governor. He has been active in this role since 2012, holding a number of other key roles with the group, which includes heading many of the RBA’s analytical departments, part of a three-decade long tenure with the RBA.
Presently, Mr. Lowe also serves as the Deputy Chair of the Reserve Bank Board, and Chair of the Reserve Bank’s Risk Management Committee. Prior to joining the RBA, he also worked with the Bank for International Settlements (BIS), covering a range of financial stability issues.
According to Treasurer Scott Morrison in a recent statement to the Australian Parliament on the appointment: “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.”