John Phillips has been labelled as a visionary, a pioneering central banker of the modern era, a man of impeccable personal and governance integrity, and an important figure in the floating of the Australian dollar.
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Phillips, who died late last month at the age of 84, held the positions of deputy governor of the Reserve Bank of Australia from 1987 to 1997 and chairman of the Foreign Investments Review Board from 1997-2012 and of AGL from 1996-2003. He was also chancellor of the ¬University of Western Sydney from 2001 to 2010.
His career began with the Commonwealth bank in 1946 when he - as he described it - "stumbled into central banking." He moved across to the Reserve Bank when it was set up as a separate body in 1962. In the early 1970s he spent time in Papua New Guinea working on the development of its financial system, but his heart was always with the RBA where he returned to.
Phillips was head of the Reserve Bank's international and domestic markets departments during the debates leading up to the float of the Australian dollar and afterwards.
Former Reserve Bank governor Ian Macfarlane said Phillips' role in the deregulation of the Australian financial system, including the floating of the dollar in December 1983, had never been fully recognised.
"The most impressive thing John did was his role in the '80s during the period of financial deregulation. He was the principal source of expertise on how the Australian foreign exchange market worked. He knew all the steps that had to be taken [to float the dollar] and everyone depended on his advice," said Macfarlane.
Reserve Bank governor Glenn Stevens said Phillips was "intimately involved in many key decisions in the '80s and early '90s, including leading the bank's detailed preparations for the float of the Australian dollar."
"John is remembered for his personal integrity, his forthright views and above all his commitment to the sound conduct of central banking," Stevens said.
Deputy Governor Philip Lowe had nothing but admiration for Phillips, saying he epitomised the first of the RBA's core values - that of serving the public interest. He said Phillips did this with great dedication during his time at the RBA and in his highly distinguished subsequent career.
"At the RBA, John worked tirelessly to modernise Australia's financial and monetary system, and to modernise the RBA itself. The institution that I now serve, as well as the broader Australian community, owe him a considerable debt. John will be sorely missed," said Lowe.
(Photo courtesy of University of Western Sydney)