Reserve Bank of Australia Annual Report – 2023 1.3 Reserve Bank Board
The Reserve Bank Board comprises nine members: the Governor; Deputy Governor; Secretary to the Australian Treasury (ex officio member); and six other non-executive members appointed by the Treasurer. Further to the legislative requirements, and in recognition of their responsibility to uphold the integrity of the Board and the Reserve Bank, members adopt a Code of Conduct, which is published on the Bank’s website.[1] Information about members of the Reserve Bank Board Audit Committee is provided at the end of this chapter.
End-August 2023
Philip Lowe
BCom (Hons) (UNSW), PhD (MIT)
Governor and Chair
Governor since 18 September 2016
Term ends 17 September 2023
Philip Lowe’s appointment as Governor took effect in September 2016. Prior to that, he held various senior positions at the Reserve Bank – including Assistant Governor (Financial System), Assistant Governor (Economic) and, from February 2012, Deputy Governor – where he was responsible for overseeing economic and policy advice to the Governor and Reserve Bank Board. He spent two years at the Bank for International Settlements working on financial stability issues. Mr Lowe has authored numerous papers, including on the linkages between monetary policy and financial stability. He is a signatory to the Banking and Finance Oath.
Other roles
Chair – Payments System Board
Chair – Council of Financial Regulators
Chair – Bank for International Settlements Committee on the Global Financial System
Chair – Financial Markets Foundation for Children
Member – Financial Stability Board
Member – Trans-Tasman Council on Banking Supervision
Director – The Anika Foundation
Michele Bullock
BEc (Hons) (University of New England), MSc (LSE)
Deputy Governor and Deputy Chair
Appointed Governor-designate on 14 July 2023
Deputy Governor since 2 April 2022
Term as Deputy Governor ends 17 September 2023
Michele Bullock was appointed as Deputy Governor on 2 April 2022. She is Deputy Chair of the Reserve Bank Board and Deputy Chair of the Payments System Board. Prior to this role, Ms Bullock was Assistant Governor (Financial System), responsible for the Bank’s work on financial stability and oversight of the payments system. Ms Bullock has also held a variety of senior management positions in the Bank, including Assistant Governor (Business Services), Assistant Governor (Currency), Adviser for the Currency Group and Head of Payments Policy Department. Ms Bullock is a signatory to the Banking and Finance Oath.
Other roles
Deputy Chair – Payments System Board
Member – Bank for International Settlements Committee on Payments and Market Infrastructures
Member – Chief Executive Women
Director – The Anika Foundation
Ian Harper AO
BEc (Hons) (Queensland), MEc, PhD (ANU)
Non-executive Member
Member since 31 July 2016
Present term ends 30 July 2026
Ian Harper has extensive experience in public policy development, academia and economic consulting. Professor Harper chaired the Competition Policy Review (Harper Review), served as a member of the Financial System Inquiry (Wallis Inquiry) and was the inaugural Chairman of the Australian Fair Pay Commission. He spent two decades as a Professor at the University of Melbourne – first as the NAB Professor of Monetary and Financial Economics (1988–1992), then as the Ian Potter Professor of International Finance (1992–2002) and the Sidney Myer Professor of Commerce and Business Administration (2002–2008) at the Melbourne Business School. Professor Harper spent eight years as an economic consultant – first as a director of Access Economics Pty Ltd (2008–2011) and then as a partner of Deloitte Touche Tohmatsu (2011–2016). In the 2020 Queen’s Birthday Honours, Professor Harper was awarded an Officer of the Order of Australia for his distinguished service to education in the field of economics, and to public and monetary policy.
Other roles
Dean and Director – Melbourne Business School Limited
Chair – Australian Statistics Advisory Council
Chair – Clergy Remuneration and Working Conditions Committee, Anglican Diocese of Melbourne
Director – Harper Associates Australia
Director – Robert Menzies Institute
Reserve Bank Board committee membership
Member – Remuneration Committee
Carolyn Hewson AO
BEc (Hons) (Adelaide), MA (Econ) (Cantab)
Non-executive Member
Member since 30 March 2021
Present term ends 29 March 2026
Carolyn Hewson is a former investment banker with over 35 years’ experience in the finance sector. She was previously an executive director of Schroders Australia Limited and has extensive financial markets, risk management and investment management expertise. She served as a panel member on the Australian Government’s Financial System Inquiry in 2013. Ms Hewson is also a former director of BHP Group, Stockland Group, BT Investment Management Limited, Westpac Banking Corporation, AGL Energy Limited, the Australian Gas Light Company, CSR Limited, AMP Limited, South Australian Water and the Economic Development Board of South Australia. Ms Hewson was awarded a Centenary Medal in 2001 for her service to Australian society in business leadership. In the 2009 Queen’s Birthday Honours, she was awarded an Officer of the Order of Australia for her service to the community through support for charitable organisations, particularly YWCA, and to business. Ms Hewson is a Life Fellow of the Australian Institute of Company Directors.
Other roles
Non-executive Director – CSL Limited
Non-executive Director – Infrastructure SA
Ambassador – Impact 100 South Australia
Member – The Council, Opportunity International Australia
Reserve Bank Board committee membership
Member – Audit Committee
Steven Kennedy PSM
BEc (Hons) (Sydney), MEc, PhD (ANU)
Ex Officio Member
Secretary to the Australian Treasury
Member since 2 September 2019
Steven Kennedy was appointed Secretary to the Australian Treasury with effect from 2 September 2019. Prior to this role, he was Secretary of the Department of Infrastructure, Transport, Cities and Regional Development from September 2017 to August 2019. During his nearly 30 years in the public service, Dr Kennedy has held other senior positions, including: Deputy Secretary at the Department of the Prime Minister and Cabinet; Deputy Secretary at the Department of Industry, Innovation and Science; Deputy Secretary at the Department of the Environment; Deputy Secretary at the Department of Climate Change and Energy Efficiency; and the Head of Secretariat of the Garnaut Climate Change Review – Update 2011. Dr Kennedy was awarded a Public Service Medal in 2016 for his outstanding public service in the area of climate change policy.
Other roles
Ex Officio Member – Board of Taxation
Ex Officio Member – Council of Financial Regulators
Member – Centre for Market Design Advisory Board
Member – Melbourne Institute Advisory Board
Member – Sir Roland Wilson Foundation
Member – Trans-Tasman Council on Banking Supervision
Iain Ross AO
BEc (Sydney), LLB (Sydney), LLM (Sydney), MBA (Monash), PhD (Law) (Sydney)
Non-executive Member
Member since 7 May 2023
Present term ends 6 May 2028
Iain Ross AO has served as a former President of the Fair Work Commission, and Judge of the Federal Court and the Supreme Court of Victoria. His career experience includes Vice President of the Australian Industrial Relations Commission, partner in the workplace relations practice group at Corrs Chambers Westgarth and Assistant Secretary of the ACTU. He was admitted as a Barrister of the New South Wales Supreme Court in May 1985 and as a Barrister and Solicitor of the Victorian Supreme Court in December 1988. In the 2005 Queen’s Birthday Honours, Dr Ross was made an Officer in the Order of Australia for his services to industrial relations through contributions to institutional reform, particularly the development of a universal superannuation system and enterprise bargaining, and as a teacher and researcher in the field. In May 2014, Dr Ross was awarded a Doctor of Laws, honoris causa (LLD) by the University of Sydney. Dr Ross is a Fellow of the Academy of the Social Sciences in Australia.
Other roles
Adjunct Professor – University of Sydney Business School
Reserve Bank Board committee membership
Member – Remuneration Committee
Elana Rubin AM
BA (Hons) (Melb), MA (Melb)
Non-executive Member
Member since 31 August 2023
Present term ends 30 August 2028
Elana Rubin has been a non-executive director for over 20 years and has extensive experience across technology, financial services, property, infrastructure and government sectors. Her non-executive directorships have spanned listed, unlisted, private and government companies. Previous roles include Chair of Afterpay, Chair of AustralianSuper and Chair of WorkSafe Victoria, and a Director of Mirvac and ME Bank. Ms Rubin was formerly a member of the Australian Government’s Infrastructure Australia Council and Climate Change Authority, and of the AICD Victorian Council. In the 2021 Queen’s Birthday Honours, Ms Rubin was awarded a Member of the Order of Australia for significant service to corporate governance and to the community. Ms Rubin is a Life Fellow of the Australian Institute of Company Directors, a Senior Fellow of the Financial Services Institute of Australasia and a Member of Chief Executive Women.
Other roles
Chair – Australian Business Growth Fund
Chair – Victorian Managed Insurance Authority
Non-executive Director – Dexus Funds Management Limited
Non-executive Director – Telstra Corporation Limited
Carol Schwartz AO
BA, LLB, MBA (Monash)
Non-executive Member
Member since 14 February 2017
Present term ends 13 February 2027
Carol Schwartz has extensive experience in business, property, the arts and community organisations. Past high-level leadership roles, including a portfolio of diverse board appointments, have spanned the business, government, arts, health and community sectors. Ms Schwartz was awarded a Centenary Medal in 2001 for her outstanding service as a leading business executive and committee participant. In the 2019 Queen’s Birthday Honours, she was awarded an Officer of the Order of Australia for her distinguished service to the community as a supporter of women in leadership roles, to social justice advocacy and to business. In 2019, she was awarded the Leading Philanthropist Award by Philanthropy Australia. Ms Schwartz is a Fellow of the Australian Institute of Company Directors.
Other roles
Founding Chair – Women’s Leadership Institute Australia
Chair – Climate Council
Chair – Equity Trustees
Chair – Our Community
Director – Trawalla Group
Reserve Bank Board committee membership
Chair – Remuneration Committee
Alison Watkins AM
BCom (Tasmania)
Non-executive Member
Member since 17 December 2020
Present term ends 16 December 2025
Alison Watkins is an experienced chief executive officer and non-executive director. She has led two ASX-listed companies – Coca-Cola Amatil Limited and GrainCorp Limited. Previously, Ms Watkins led Berri Limited and the Regional Banking business at Australia and New Zealand Banking Group Limited. Ms Watkins spent 10 years at McKinsey & Company, where she became a partner before moving to ANZ as Group General Manager Strategy. Ms Watkins has been a non-executive director of ANZ, Woolworths Limited and Just Group Limited. In the 2022 Australia Day Honours, Ms Watkins was awarded a Member of the Order of Australia for her significant service to business through leadership roles with a range of organisations. Ms Watkins is a Fellow of Chartered Accountants Australia and New Zealand, the Financial Services Institute of Australasia and the Australian Institute of Company Directors.
Other roles
Chancellor – University of Tasmania
Non-executive Director – CSL Limited
Non-executive Director – The Centre for Independent Studies
Non-executive Director – Wesfarmers Limited
Reserve Bank Board committee membership
Chair – Audit Committee
Retirements from the Board
Wendy Craik retired from the Reserve Bank Board on 6 May 2023.
Mark Barnaba retired from the Reserve Bank Board on 30 August 2023.
Wendy Craik AM
BSc (Hons) (ANU), PhD (Zoology) (British Columbia)
Non-executive Member
Member from 7 May 2018 to 6 May 2023
Wendy Craik is an independent public policy advisor, including on issues related to natural resource management, and has over 25 years’ experience in public policy. Senior positions she has held include Commissioner at the Productivity Commission, Chief Executive of the Murray-Darling Basin Commission, President of the National Competition Council, Chair of the Australian Fisheries Management Authority, Executive Director of the National Farmers Federation and Executive Officer of the Great Barrier Reef Marine Park Authority. Dr Craik has also been a director on a number of boards, mainly in the Australian public sector. Dr Craik was awarded a Centenary Medal in 2001 for her contribution to industry development and social issues impacting on rural industries. In the 2007 Australia Day Honours, she was awarded a Member of the Order of Australia for her service to the natural resource sector of the economy, particularly in the areas of fisheries, marine ecology and management of water reform, and for contributions to policies affecting rural and regional Australia. Dr Craik is a Fellow of the Australian Institute of Company Directors, the Australian Rural Leadership Foundation and the Academy of Technology, Science and Engineering.
Other roles
Chair – CSIRO Oceans and Atmosphere Advisory Board
Chair – ONE Basin CRC
Chair – Steering Committee, National Red Imported Fire Ant Eradication Program – South East
Queensland
Member – Advisory Board, The Centre for Strategy and Governance
Member – Advisory Board, Public Leadership Research Group, Howard Library of the University of New
South Wales
Member – Consultative Committee, Future Drought Fund
Reserve Bank Board committee membership
Member – Remuneration Committee
Resolution passed by the Reserve Bank Board – 2 May 2023
On the occasion of her final meeting, members paid tribute to Wendy Craik’s five years of public service on the Board. On behalf of all members, the Governor expressed appreciation for Dr Craik’s contribution to the Board’s deliberations, drawing on insights from her extensive experience in public policy over more than two decades. He thanked Dr Craik for her constructive and collegial approach in contributing to the conduct of monetary policy during her term. The Governor also thanked Dr Craik for her contribution to the work of the Remuneration Committee. Members thanked Dr Craik for her service to the Bank and the nation and wished her well in the future.
Mark Barnaba AM
BCom (Hons) (Western Australia), MBA (Harvard)
Non-executive Member
Member from 31 August 2017 to 30 August 2023
Mark Barnaba has extensive experience in finance and commerce, having spent most of his career with McKinsey & Company (both in Australia and overseas). He has also founded companies and held several senior executive roles at Macquarie Group. At the time of his retirement from Macquarie Group in August 2017, Mr Barnaba served as Chair and Global Head of Natural Resources for Macquarie Capital. He was co-founder (and previously Co-Executive Chair) of Azure Capital and previously served as the Chair of Western Power, the Black Swan State Theatre Company of WA, the West Coast Eagles Football Club and Alinta Infrastructure Holdings. In 2009, Mr Barnaba was the recipient of the Western Australian Citizen of the Year award in industry and commerce. In 2012, he was awarded an honorary Doctor of Commerce from the University of Western Australia. In the 2015 Australia Day Honours, Mr Barnaba was awarded a Member of the Order of Australia for his significant service to the investment banking and financial sectors, to business education, and to sporting and cultural organisations.
Other roles
Deputy Chair and Lead Independent Director – Fortescue Metals Group Ltd
Chair – Audit and Risk Management Committee, Fortescue Metals Group Ltd
Chair – Greatland Gold PLC
Chair – Investment Committee, HBF Health Limited
Emeritus Board Member – The University of Western Australia Business School Board
Non-executive Director – The Centre for Independent Studies
Adjunct Professor – Investment Banking and Finance, University of Western Australia
Senior Fellow – EY Oceania
Reserve Bank Board committee membership
Chair – Audit Committee
Resolution passed by the Reserve Bank Board – 1 August 2023
On the occasion of his final meeting, members paid tribute to Mark Barnaba’s period of public service on the Board over the preceding six years, which included a global pandemic and a surge in inflation. On behalf of all members, the Governor expressed appreciation for Mr Barnaba’s contribution to the Board’s deliberations, drawing on his extensive business experience in the resources and finance sectors and his insights from a Western Australian perspective. The Governor thanked Mr Barnaba for his constructive and insightful contribution to the formulation of monetary policy. He also thanked Mr Barnaba for chairing the Audit Committee for the preceding five years and for his strong support for the internal audit and risk functions of the Bank. Members thanked Mr Barnaba for his service to the Bank and the nation and wished him well in the future.
In memoriam
Vale Robert (Bob) Alan Johnston AC
The Bank records, with deep regret, that Robert (Bob) Alan Johnston AC, Governor of the Reserve Bank from 14 August 1982 to 18 July 1989, died on 20 March 2023.
Reserve Bank Board Audit Committee
Membership of the Audit Committee comprises: two non-executive members of the Reserve Bank Board, one of whom chairs the committee; and two external members, typically former senior audit partners of major accounting firms with extensive experience in auditing in the finance sector.
Alison Watkins AM
Chair
Member since 3 February 2021
Present term ends 16 December 2025
See above for Ms Watkins’ professional details.
Sandra Birkensleigh
BCom (UNSW)
Member
Member since 9 September 2015
Present term ends 8 September 2023
Sandra Birkensleigh has extensive experience in financial services, with a particular focus on risk management, compliance and corporate governance. Ms Birkensleigh’s career includes 24 years at PricewaterhouseCoopers, where she was formerly a Global Lead for Governance Risk and Compliance, a National Lead Partner for Risk and Controls Solutions, and a Service Team Leader for Performance Improvement. Ms Birkensleigh holds several directorships and is chair of the audit committees for most of the organisations listed below. She is a qualified chartered accountant, a member of Chartered Accountants Australia and New Zealand, and a member of the Australian Institute of Company Directors. In February 2020, Ms Birkensleigh was reappointed to the Audit Committee for a further three years.
Other roles
Chair and Non-executive Director, Audit Committee Member and Remuneration Committee Member – Auswide
Bank Limited
Non-executive Director, Audit and Risk Committee Chair and Remuneration and Nominations Committee Member
– Adore Beauty Limited
Non-executive Director, Audit Committee Chair and Risk and Remuneration Committee Member – Horizon
Oil Limited
Non-executive Director, Risk Committee Chair and Strategy Committee Member – 7-11 Holdings
Limited and its subsidiaries
Non-executive Director, Audit Committee Chair – The Tasmanian Public Finance Corporation
Rahoul Chowdry
BCom (Hons) (Calcutta)
Member
Member since 14 February 2018
Present term ends 13 February 2026
Rahoul Chowdry has extensive experience in the professional services industry, which has enabled him to build a reputation as a leading adviser on governance, regulation and risk to major banks and other large financial institutions in Australia and Canada. Until the end of 2017, Mr Chowdry was the Global Banking and Capital Markets Assurance Leader at PricewaterhouseCoopers and a partner for almost 30 years in the firm’s financial services practice. He is a qualified chartered accountant and a fellow of the Chartered Accountants in Australia and New Zealand.
Other roles
Senior Advisor – MinterEllison
Member – Audit and Risk Committee, MinterEllison Board of Partners
Non-executive Director, Audit Committee Chair, Nominations Committee Member and Risk Committee Member
– AMP Limited
Non-executive Director, Audit Committee Chair and Risk Committee Member – AMP Bank Limited
Carolyn Hewson AO
Member
Member since 31 August 2023
Present term ends 29 March 2026
See above for Ms Hewson’s professional details.
Endnotes
RBA (2023), ‘Code of Conduct for Reserve Bank Board Members’, August. [1]