Australia appoints first female governor in central bank’s history

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Michele Bullock has made a significant achievement by becoming the inaugural female leader of Australia's central bank since its establishment in 1960.

On Friday, Prime Minister Anthony Albanese revealed that Ms. Bullock, aged 60, will take over the position of governor of the Reserve Bank of Australia (RBA) from Philip Lowe.

On Friday, she emerged victorious and secured the prominent position, surpassing treasury secretary Steven Kennedy, department of finance secretary Jenny Wilkinson, and the current governor Mr Lowe.

Ms Bullock, who is currently fulfilling the role of deputy governor for the RBA, will embark on her seven-year tenure on 18th September.

"In these unprecedented times, stepping into this position presents its own set of obstacles; however, I take solace in the fact that I have the backing of a capable group of executives and boards," she expressed in a written declaration.

"I am dedicated to ensuring that the Reserve Bank effectively fulfills its policy and operational goals to serve the Australian population," she stated.

Mr Lowe praised the selection of Ms Bullock as an excellent appointment.

"I extend my warmest congratulations to Michele for her appointment as Governor. The Reserve Bank is in exceptionally capable hands as it tackles the ongoing issue of inflation and implements the suggestions put forth in the RBA Review. My heartfelt wishes go out to Michele for continued success in her new role," he expressed.

The head of government utilized social media platforms to extend congratulations to Ms. Bullock.

"Kudos to Michele Bullock for becoming the 9th Reserve Bank Governor of Australia. Michele is an exceptional economist, with an extensive and illustrious journey at the central bank. In this crucial moment for the worldwide economy, her role will hold significant value," he posted on Twitter.

"We are confident that she possesses the requisite background, proficiency, and innovative outlook necessary to guide the RBA amidst the persisting economic hurdles confronting Australia, as well as the global community."

Ms Bullock became a member of the RBA in 1985 and has held the position of deputy governor since April of last year. The Sydney Morning Herald newspaper reported that Ms Bullock identifies herself as a "proud rural woman".

She came into this world in Melbourne, but relocated to the tranquil town of Armidale in rural New South Wales when she reached the age of nine.

She has completed her postgraduate studies in Economics at the prestigious London School of Economics and has also earned an undergraduate degree in Economics with Honors from the University of New England.

According to Kathy Gallagher, the head of finance, this marks a significant milestone for Australia.

"Kudos to Michele Bullock for her outstanding skills as an economist and her ability to lead. Her appointment as Governor of the RBA is truly deserved. This is a significant milestone for Australia, as it marks the first time a woman is leading our RBA!" the tweet exclaimed.

"It's the perfect blend of that knowledge and proficiency, coupled with a new and innovative leadership," stated treasurer Jim Chalmers.

One aspect of Michelle Bullock's work that has truly impressed me is her valuable input in the Reserve Bank review. Michelle has given thorough consideration to the means of propelling the bank towards its future progress.

"She possesses extensive expertise. A revered figure, and that's the trait we value."

According to local media sources, Peter Dutton, the leader of the Liberal party, stated on Thursday that individuals who had closely collaborated with the Albanese government are deemed to have a tarnished reputation.

"We have expressed our stance to the government that we do not think the person for this role should be someone who is well-acquainted with the government, someone who has collaborated closely with the Treasurer, Finance Minister, or the Prime Minister," stated Mr. Dutton in an interview with 2GB.

"We will back the government when they reveal their decision, except if it involves an individual with a questionable reputation, or an individual who may appear to have a questionable reputation. This applies even if the individual possesses exceptional skills and admirable qualities, and regardless of whether they have previously worked closely with either the Liberal or Labor government," he expressed.

According to The Sydney Morning Herald, Mr Lowe conducted a mere four press briefings throughout his span of seven years, while Ms Bullock is expected to confront the media's inquiries no less than eight occasions annually as the leader of the RBA.

According to reports, she allegedly stated to her former educational institution, the University of New England, in an exceptional interview last year, that she has consistently believed in seizing opportunities whenever they arise.

Personally, my focus has always been on pursuing novel encounters and finding joy in my activities. A crucial aspect of this pursuit involves embracing the unknown and fearlessly venturing into unexplored territories.