Media Release Appointments to the Reserve Bank Board

The Governor today welcomed the appointment by the Deputy Prime Minister and Treasurer of Dr Philip Lowe to the position of Deputy Governor of the Reserve Bank of Australia and Board member. The Governor said:

‘Dr Lowe is an exceptional economist and a valued colleague. He has had a distinguished career at the Bank since joining in 1980, covering the full cross-section of the Bank's activities. His wide range of experience will serve him well in his new role as Deputy Governor and Board member. I congratulate him on this much deserved appointment, where his considerable skills and knowledge will stand him and the Bank in good stead as it faces the challenges ahead.’

Dr Lowe will succeed Mr Ric Battellino as Deputy Governor, who will retire on 13 February 2012 after five years as Deputy Governor and 39 years in the Bank. The Governor thanked Mr Battellino for his dedicated service to the Bank and his support during the past five years. He said:

‘Ric has made an outstanding contribution to the work of the Bank over his many years of service, but most importantly as the Bank's Deputy Governor. He has given me unfailing personal support, providing valued counsel and perspective, over a period when the Bank has seen great change and faced difficult economic and financial conditions. I wish him and his family well in the future.’

The Governor also welcomed the appointment by the Deputy Prime Minister and Treasurer of Heather Ridout to the Reserve Bank Board. She will succeed Graham Kraehe, who has served on the Board since February 2007. The Governor said:

‘Graham has been a very valuable member of the Board over the past five years, always showing balance and good judgement. I thank him and wish him well. I have known Heather Ridout for many years and I am confident she will make a strong contribution to the Board. I look forward to working with her.’