I am dedicated to seeing that the Reserve Bank fulfills its operational and policy goals for the Australian people, she continued.
Since Ms. Bullock joined the RBA as an analyst nearly forty years ago, she has been referred to as an insider of the institution.
Before being named the RBA’s deputy governor in April 2022, she held senior management positions at that period, including assistant governor and head of the payments policy department.
Anthony Albanese, the prime minister of Australia, stated on Twitter that Ms. Bullock was “an outstanding economist, with a long and distinguished career at the central bank.”
In another tweet, Mr. Albanese stated, “We believe she has the experience, skills, and new perspective to lead the RBA as Australia – and the globe – face ongoing economic problems.
“The Treasurer selected a superb candidate. I’m hoping for the best for Michele,” he remarked.
To combat inflation, which is straining household finances, the RBA is under pressure.
Since last May, the central bank has increased interest rates 12 times, to the disapproval of economists. The primary interest rate of the RBA is at 4.1%, which is an 11-year high.
Theoretically, increasing interest rates makes borrowing money more expensive and incentivizes people to spend less, which can lower inflation.
After recommending that Australians work harder and save more money in order to deal with rising borrowing prices, Mr. Lowe came under fire.
At a finance industry conference last month, Mr. Lowe said, “If people can cut back on spending, or in some cases find additional hours of work, that would put them back into a positive cash flow position.”
Additionally, he argued that “homeowners are doing fine” in support of the central bank’s decision to increase its main interest rate for the twelfth time.
