RBA looks overseas as it appoints deputy governor

RBA Reserve Bank of Australia bank of england

27 November 2023
| By Laura Dew |
image
image
expand image

The Reserve Bank of Australia (RBA) has appointed Andrew Hauser to work as deputy governor to work alongside Michele Bullock.

It was an international appointment with Hauser joining from more than 30 years at the Bank of England in the United Kingdom where is currently executive director for markets. 

This role involves managing the BOE's balance sheet, managing the UK's foreign exchange reserves and providing market intelligence and analysis to policy committees. He also represented the UK as a member of the executive board of the International Monetary Fund in Washington DC.

He will take up the role in Australia in early 2024 and also be a member of the Reserve Bank board. 

Bullock said: "I warmly congratulate Andrew on his appointment as the deputy governor of the Reserve Bank and look forward to working with him. He has great experience and will bring a welcome external perspective to the Bank and the Reserve Bank board."

Hauser said: "I am deeply honoured to be asked to serve as the RBA’s next deputy governor. I look forward to working closely with Michele Bullock, her senior team and the talented staff of the RBA to serve the Australian people, and to help make a reality of the recommendations of the RBA Review."

Earlier today, Treasurer Jim Chalmers confirmed legislation to strengthen the central bank will be introduced to Parliament this week. The Treasury Laws Amendment (Reserve Bank Reforms) Bill 2023 will reinforce the RBA’s independence, clarify its role and modernise its structure.

The bill will introduce the review’s recommendations which require legislation. This includes:

  • Mandating the RBA’s overarching objective to “promote the economic prosperity and welfare of the people of Australia, both now and into the future”.
  • Confirming monetary policy should have dual objectives of price stability and contributing to full employment.
  • Strengthening the RBA’s independence, including by repealing the power of the Treasurer to overrule its monetary policy decisions.
  • Establishing a monetary policy board and a separate governance board.
  • Clarifying the RBA’s responsibility to contribute to financial system stability.
Read more about:

AUTHOR

Add new comment

The content of this field is kept private and will not be shown publicly.

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Adnan

It is fascinating to see that this year - 2 funds (Mine Super & CFS FirstChoice Employer Super) which failed APRA Perfor...

1 day 7 hours ago
Mitch VB

Thanks for providing us even more work in educating clients on the growth/ defensive splits of all these "top" performer...

1 day 7 hours ago
JohnM

Why would you do that for? It would be a case of the same circus, different clowns....

1 day 13 hours ago

Insignia Financial has unveiled a new operating model and executive team, including a new head of advice, while three senior executives are set to depart the licensee....

1 week 1 day ago

The $280 billion Australian Retirement Trust is the first superannuation fund off the block to report its performance for the 2023-24 financial year....

2 weeks 4 days ago

ASIC has permanently banned a former Western Australia-based financial adviser after he falsified his adviser exam certificate....

1 week 4 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND