Philip Lowe, who is nearing the conclusion of a seven-year term as governor of the Reserve Bank of Australia (RBA), will be replaced by Michele Bullock.
Her hiring comes at a time when the RBA is undergoing a significant reorganization and the nation is struggling with rising costs.
In an effort to combat inflation, it has increased interest rates to their highest level in more than a decade.
The financial services sector in Australia is predominately male and has one of the largest gender pay discrepancies in the country.
On September 18, Ms. Bullock, who serves as the RBA’s deputy governor, will begin her seven-year term in office.
In a statement on Friday, Ms. Bullock said, “It is a challenging time to be taking on this role, but I will be supported by a strong executive team and boards.”