Michele Bullock, appointed deputy governor of the Reserve Bank of Australia on Friday, presumably is now the warm favourite to succeed Philip Lowe as governor in a few years.
The first woman to ascend to the role of deputy, Bullock’s appointment (by the Treasurer) is more than symbolic for the blokey but otherwise efficient meritocracy that is Australia’s central bank.
Bullock got the nod over a couple of well-credentialled internal contenders at the RBA and a handful of external candidates from the private and public sectors, or so The AFR and The Australian reported.
She replaces Guy Debelle who quit the bank in the middle of March to work as chief financial officer of Fortescue Future Industries.
Bullock is taking on her new responsibilities at a time of great sensitivity in the framing of monetary policy, with inflation in Australia accelerating, while wages growth is yet to follow the script and reach the levels at which Lowe has said the RBA board would begin to push the cash rate.
She joined the RBA in 1985 and began her progression through senior management ranks in 1998 with her appointment as chief manager of the Payments Policy Department, which she headed from 2007 to 2010.
She was named Assistant Governor (Currency) in 2010, Assistant Governor (Business Services) in 2015 and Assistant Governor (Financial System) the following year.