Speech Purpose, Perspective and Possibility

Michele Bullock
Governor

University of New England (UNE) Graduation Ceremony
23 October 2026 – Armidale

Good morning Chancellor, Vice-Chancellor, distinguished guests, academic staff, family and friends, and, most importantly, the graduating class of 2026.

I would like to begin by acknowledging the Traditional Custodians of the land on which we meet today, the Anaiwan people, and pay my respects to their Elders past and present. I would also like to extend that respect to any Aboriginal and Torres Strait Islander people joining us today.

First, to the graduating class, congratulations on reaching this important milestone.

It’s a pleasure to be back at the University of New England (UNE). Returning here feels, in many ways, like coming home. To receive these honours¹ today from UNE, in the community where I grew up, is really meaningful.

This occasion is particularly significant for me because of my family’s connection to this university. My dad worked here managing the data processing in the days of large mainframes. I’m delighted that both my parents are here with me today.

But today is about you, the graduates, and the family members, friends, teachers and mentors whose support, encouragement and guidance have helped you reach this important milestone.

Many of you will know Dr Seuss’s Oh, the Places You’ll Go. It’s a book often given to graduates because it captures something important about moments like this. You stand on the edge of a new chapter. You have knowledge, skills and qualifications but you don’t know exactly where the journey will take you. And it also reminds us that the path ahead is not straightforward. The years ahead will almost certainly bring challenges as well as opportunities.

My own journey from school to UNE and then to the RBA certainly demonstrates this. But looking back over the twists and turns of my career, there are three things I have come to appreciate:

1. The first is the importance of purpose, knowing what matters to you and letting it guide your decisions.
2. The second is the value of perspective. It helps us navigate complexity, remain grounded and see opportunities that others might miss.
3. And the third is to embrace change. Periods of change and uncertainty can create opportunities that would not otherwise have existed.

Before I talk about these though, I want to talk a little about my own journey.

I was born in Melbourne, but my family moved to Armidale when I was 10. It was a challenging age to move. I had to make new friends and develop new interests. And life in Armidale was very different to the city. I had more freedom growing up in Armidale than I would have had in the city. And my friends were from a diversity of backgrounds. While I have spent over 40 years living and working in Sydney, I still think of myself as a country girl. I don’t think the country ever really leaves you. Growing up in Armidale shaped how I understand people and communities.

My journey to where I am now started at the end of 1980. I had finished my HSC and had been offered a place to study undergraduate medicine at the University of New South Wales. I remember many people saying something like ‘Well you got in so you have to do it’! But I wasn’t sure. I was only 17, I had hardly ever been to Sydney and the thought of moving to the big smoke so far away was frankly scary. I was also considering economics here at UNE. I had enjoyed economics at school but I hadn’t done as well in HSC economics as I had hoped.

So my dad suggested that I talk with Professor Malcolm Treadgold who headed up the economics faculty at UNE at the time. Professor Treadgold told me that economics at university was quite different to school. He explained that it was much more quantitative and analytical. I had done well at maths, and he said that would be a great asset studying economics at university.

Looking back, I realise I was standing in what Dr Seuss called a place where you have to decide where to go next. And I chose to stay in Armidale and study economics at UNE.

Purpose

In my third year of economics, I saw signs advertising for economics cadetships at several places, including the RBA. Cadetships offered students an eight-week placement at the end of their third year and then they would be paid to complete an honours year. Again I spoke with Professor Treadgold and he said that the RBA was an important economic institution that did interesting and valuable work. It was at this point I realised that I wanted to do work that made a difference to Australia.

So I got a cadetship with the RBA and then in 1985 joined full-time as a graduate economist. That cadetship opened doors to further study, travelling overseas and taking on roles that challenged me and ultimately helped me grow. Just as importantly, it introduced me to people whose guidance and support shaped my career.

One lesson I learned early on is that you cannot predict where an opportunity might take you. If an opportunity seemed interesting and worthwhile, I would think, ‘why not give it a go’.

What mattered to me was whether I was learning, whether the work was meaningful, and whether I felt I was making a useful contribution.

People often think central banking is primarily about numbers. Inflation numbers. Employment numbers. Interest rate decisions. Economic forecasts.

Those things matter. But ultimately, the work of the RBA is about people.

Parliament has charged us with promoting the prosperity and welfare of the Australian people, and that purpose guides every decision we make.

That sense of purpose is also what has kept me engaged throughout my career. There was always a clear connection between my work at the RBA and the lives of Australians.

Whatever career you choose, I think there is value in understanding how your work contributes to something larger than yourself. In the end it is purpose that keeps us going when things get tough. And they sometimes do.

Perspective

You are graduating today from a wide range of fields including science, agriculture, business and law. Your careers will be unique, but every profession represented here today contributes to the prosperity and wellbeing of Australia.

As you move through your careers, you’ll work with people whose experiences differ from your own. Each of you brings a perspective shaped by your family, community, education and experiences. Those perspectives will influence the questions you ask and the solutions you propose.

Growing up in Armidale shaped the way I think about perspective. It taught me that talent, insight and potential are not confined to any one city or community. A strong society depends on people bringing their knowledge and abilities to the problems in front of them.

One example is the RBA’s Monetary Policy Board. The members of the Board have followed very different career paths and bring different experiences to our discussions. That diversity of perspective leads to better questions, more robust debate and ultimately better decisions. My own background, for example, makes me particularly attuned to regional issues. While we have to look at the economy as a whole, I’m always interested in understanding differences in experience across the country.

It’s also one of the reasons why we spend time listening to people across different communities, industries and regions, through the RBA’s business and community liaison program. Those conversations remind us that some of the most valuable perspectives come from people whose experiences differ from our own, and I think Australia is stronger when those perspectives are heard.

Through my career I have tried to get out and hear directly from businesses and communities. And I often hear perspectives that hadn’t occurred to me. One particularly powerful experience for me was when I was working in the financial system area and I visited the national debt helpline. I spoke with the counsellors and listened into a few calls. It provided a very human perspective on the economy that you don’t get from looking at aggregate data.

The same principle applies to economics more broadly. At the RBA, we want to encourage people from a wide range of backgrounds and communities to engage with economics, because the field is stronger when it draws on a wider range of experiences, perspectives and ways of thinking.

The experiences that have shaped you, whether they come from a regional community, a particular profession, your family or your education, are your unique advantage. They are part of what allows you to see things others may not.

In a world that is changing rapidly, I think that diversity of experience and perspective will become even more important.

Embracing change

I don’t need to remind you that you’re graduating at a time of rapid technological change. New digital tools, advances in data and analytics, and increasing automation are already changing the way people work. Artificial intelligence (AI) is perhaps the most prominent example. There is a great deal of discussion about what AI might mean for jobs and productivity, although we can’t yet know exactly how work will evolve. That uncertainty can be unsettling. But this is not the first time technology has changed the workplace.

When I joined the RBA, we had a large typing pool, employing teams of people whose role was to produce documents. Within a few years, technological change meant that function had disappeared altogether. Yet as some jobs were transformed or phased out, new opportunities emerged, and the RBA began to seek skills and expertise that had never before been central to its work.

That experience taught me an important lesson: it’s often impossible to predict exactly which skills will be most in demand over the course of a career. The same is true today. While technology will continue to reshape the workplace, some qualities are likely to remain valuable regardless of how the world changes.

Many of the qualities that have mattered most in my own career have not been technical ones. They have been qualities such as judgement, integrity, adaptability, collaboration and the ability to build strong professional relationships.

Those are qualities that many of you will already have begun to develop during your studies. They are also qualities that technology can support, but not replace.

That is one of the reasons I am optimistic about the future. While the world will undoubtedly continue to change, the ability to learn, adapt, work with others and apply your skills with purpose will always matter.

Looking ahead

Today marks an important transition. Some of you may have a clear idea of what comes next. Others may be less certain. My experience has been that both are completely fine, because the opportunities that ultimately shape your career are often not the ones you can see or anticipate today.

I didn’t have a detailed plan when I started studying economics. And I didn’t have one when I started work at the RBA. But I was open to opportunities and had a sense of purpose that has helped me navigate periods of uncertainty.

Perspective has reminded me that there is always value in listening to people whose experiences differ from your own.

And technological change does not remove the human qualities that we so heavily rely on.

The education you have received here has given you a strong foundation. It has taught you how to be creative, work with others, think critically and approach complex problems. Those capabilities will serve you well, whatever path you choose.

And as you’re making those choices, I encourage you to ask yourself how the work you’re doing contributes to something larger than yourself.

While today is a celebration of what you have achieved, I hope you’re also excited about what comes next. Perhaps I’ll see some of you at the RBA one day.

Dr Seuss reminds us that life’s journey includes ‘bang-ups and hang-ups’ – none of us travel in a straight line. But if you stay true to your purpose, be open to different perspectives and embrace change, I’m sure you’ll find opportunities to use your skills and knowledge in ways that make a meaningful contribution.

I wish you all every success for the future.