RBA deputy leaves public service for Twiggy’s Fortescue

By Tom Ravlic

March 11, 2022

Guy Debelle
The Reserve Bank of Australia’s deputy governor has resigned his post. (AAP Image/Lukas Coch)

The federal government has a gaping hole to fill at the Reserve Bank of Australia following the decision by Guy Debelle, the RBA’s deputy governor, to jump from the public service into the private sector. 

His resignation adds another task to the government’s inbox at a time when it is grappling with the economic consequences of the coronavirus pandemic as well as the ramifications of the imposition of financial and other sanctions on the Russian government as retaliation for their invasion of Ukraine.

Debelle will be joining Andrew Forrest’s Fortescue Future Industries as its chief financial officer in June, after spending a quarter of a century in various roles at the Reserve Bank.

He has had a varied career with stints in federal Treasury, the International Monetary Fund, and the Bank for International Settlements, interspersed throughout a career dominated by his time at the Reserve Bank. 

“I am honoured and privileged to have worked at the Bank for the past 25 years and contributed to improving the welfare of the Australian people,” Debelle said in an official statement from the bank released yesterday.

“The Bank is a great institution which serves Australia well, including most recently through the policy response to COVID which has helped the country come through the crisis in a strong position. I have often spoken about the opportunities for business to help address climate change. This new position gives me the opportunity to make a significant contribution in this area.”

Phillip Lowe, the Reserve Bank’s governor, said that Lowe had made various contributions to the Reserve Bank.

Governor Philip Lowe said: ‘I would like to thank Guy for his outstanding service to the RBA over many years. He has made major contributions to monetary policy, to financial market operations and to the management of the Bank. Guy has been a great colleague and I wish him all the best in his new position’.

Debelle was appointed to the senior role of head of economic analysis at the Reserve Bank in April 2001. The media release issued by the Reserve Bank at that time said that he had an extensive background in “research and publication record on monetary policy, inflation targeting and applied analysis of the Australian economy”.

He was appointed to the role of assistant governor (financial markets) in 2007 with his elevation to deputy governor of the Reserve Bank taking place in 2016.

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