Federal Treasurer Scott Morrison has appointed Dr Philip Lowe (pictured) as the next Reserve Bank of Australia governor, in an announcement today that will surprise nobody.
As current RBA deputy governor, Lowe replaces his long-time boss Glenn Stevens, and will be joined on the RBA board by another highly experienced public policy expert whose board appointment was announced today, Professor Ian Harper.
Stevens won’t be stepping down until September, after a 10-year stint. Morrison praised Stevens for his stewardship through the global financial crisis, the passing of a once in a generation terms of trade boom, and the rise and fall of an unprecedented mining investment boom.
On his successor, and current deputy, Stevens said Lowe was a superb appointment: “There could be no one better qualified than Phil Low to lead the Bank through the next seven years. The Bank will be in the very best of hands.”