Reserve Bank Of Australia Appoints Michele Bullock As The Next Governor

The Reserve Bank of Australia (RBA) has appointed Michele Bullock as the ninth governor. Bullock is a long-serving official at the RBA, having started work at the bank as an analyst in 1985. She will be the first female leader at this institution.

Michele Bullock appointed as the first governor of Australia’s central bank

Bullock has taken over the leadership mantle at the central bank from Philip Lowe. Lowe has served as the governor of the RBA for seven years, with his tenure slated to end on September 17.

Bullock is expected to lead the bank in several stages that will spearhead growth. She will be heading the central banking institution at a time when Australia is facing several challenges, including a high level of unemployment and high inflation levels.

Australia, like many countries, has been dealing with a high level of inflation. A report by the Australian Bureau of Statistics in May said that inflation levels in the country came in at 5.6%. The figure announced by the firm is significantly higher than the target set by the central bank of between 2% and 3%.

While speaking on her role as the head of the RBA, Bullock said that she was assuming the leadership role at a challenging. However, she noted that her work at the bank would be supported by the board and the executive team.

“I am deeply honored to have been appointed to this important position. It is a challenging time to be coming into this role, but I will be supported by a strong executive team and boards. I am committed to ensuring that the Reserve Bank delivers on its policy and operational objectives for the benefit of the Australian people,” Bullock said.

Under her new position, Bullock will serve as the chair of the Reserve Bank Board, the Payments System Board, and the Council of Financial Regulators. According to Lowe, Bullock was well-suited to solve the current challenge of inflation and implement the recommendations of the RBA.

Bullock’s appointment comes amid interest in digital assets

Besides dealing with high inflation and an uncertain economic climate, Bullock will also have to address the potential challenges and opportunities presented by the rapidly growing digital asset sector.

The RBA has previously shown interest in being at the center of the digital asset space. In March, the bank announced that it was assessing the viability of a central bank digital currency (CBDC) that can support offline payments.

The crypto regulatory framework is largely in the hands of the Australian Securities and Investments Commission (ASIC). The ASIC revised the rules for an Australian financial services (AFS) license in October 2021 in a bid to boost market transparency and protect investors.

Monochrome, a Bitcoin-focused asset management company, has partnered with Vasco Trustees to file for the first spot Bitcoin ETF under the new guidelines. The firm made the ETF filing with the Australian Securities Exchange.