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· Posted on
February 21, 2024

The Reserve Bank of Australia gets a glow-up after Michele Bullock steps up to stabilise the Aussie economy

On Friday, the RBA Treasurer announced Michelle Bullock as the new Governor.

What's the key learning?

  • Michelle Bullock is an economist and has been at the Reserve Bank in different roles since 1985 - so she seems to have the right qualities and experience for the role.
  • Sometimes a new leader is as much about the 'need for change' as it is about the 'optics' of change.
  • It's also clear that the RBA needs a new face after a pretty damaging couple of years.

👉 Background: The Reserve Bank of Australia has been more talked about than the Hemsworth brothers...but not quite Margot Robbie levels yet. But unlike these revered celebs, the comments about Reserve Bank board haven't been as polite. Remember "no cash rate rises until 2024?". We've had 12!

👉 What happened: On Friday, the RBA Treasurer announced Michelle Bullock as the new Governor. She's an economist and she ain't new around here - she's been at the Reserve Bank in different roles since 1985!

👉 What else: When she takes over on September 18, many in The Australian community will be hoping that the RBA will turn over a new leaf... after a pretty painful period for Aussie mortgage holders.

What's the key learning?

💡Sometimes a new leader is as much about the 'need for change' as it is about the 'optics' of change.

💡The new Governor seems to have the right qualities and experience for the role, but it's also clear that the RBA needs a new face after a pretty damaging couple of years.

💡And this isn't the first company to bring in a new leader after some mishaps. For example, after the Royal Commission into banking, 3 of the 4 CEO's of the Big 4 banks stepped down.

‍

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