MEDIA RELEASE No: 2003-18 Date: 17 December 2003 Embargo: For Immediate Release

SENIOR APPOINTMENT

The Reserve Bank today announced the appointment of Dr Philip Lowe as Assistant Governor (Financial System). This role oversees the Bank’s work on issues related to financial stability and payments system policy, and carries membership of the Payments System Board. The position attracted applicants from inside and outside the Bank. Dr Lowe succeeds John Laker, who left the Bank in July to become Chairman of APRA.

Dr Lowe earned a Bachelors degree in Economics and Econometrics with First Class Honours from the University of New South Wales, and was awarded the University Medal. He subsequently earned a PhD in Economics from Massachusetts Institute of Technology. Joining the Bank in 1980, he has worked in the Economic, Financial Markets and Financial System areas. He is currently Head of Economic Analysis Department. Prior to that he spent two years with the Bank for International Settlements, where he worked extensively on financial system issues in an international context. He has previously headed System Stability, Domestic Markets and Economic Research Departments. He has authored a number of published articles, including influential work on monetary policy and financial stability.

Dr Lowe will take up his new duties in early 2004. This will leave the position of Head of Economic Analysis Department vacant. Dr Tony Richards, currently Head of Economic Research, will move across to that role.

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