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.
