Photograph of R.A. JOHNSTON, A.C.

Reserve Bank of Australia Annual Report – 1989 Retirement of R.A. Johnston, A.C.

R.A. Johnston, A.C., retired on 18 July 1989 as Governor of the Bank and Chairman of the Board.

The Board, at a meeting on 4 July 1989, passed the following resolution:

“That this Board record its recognition of Mr R.A. Johnston's long and dedicated service to the Bank, over almost 49 years. His term of office as Chairman has seen a transformation of Australia's financial system. Mr Johnston provided outstanding leadership and drive both in initiating many changes and in ensuring their smooth implementation. This contribution was the greater as his term coincided with an unsettled period in economic conditions with consequent major demands on the Board's responsibilities for monetary policy.

Throughout his term, Mr Johnston's commitment to the highest professional standards in the conduct of the Bank's work, and in communicating the Bank's activities to the widest audience, has enhanced the status of the Bank both within the financial sector and also in the wider community. He has earned the highest respect of his colleagues and the staff of the Bank.”

In a public statement on 5 July 1989, the Treasurer, the Hon. P.J. Keating, M.P., in expressing on behalf of all Australians the Government's great gratitude to Mr Johnston, said:

“During Mr Johnston's period as Governor, Australia has been through a transformation in banking and financial markets the like of which we have never seen before. These changes, stemming from internationalisation, innovation and deregulatory reform, have required the Reserve Bank itself to undergo major changes in operations and structure. In its relations with financial markets and with the business community generally, the Bank has earned a well deserved reputation for the conduct of its market operations, for fair and open dealing and for professional thoroughness.”