Australia government appoints Michele Bullock as next RBA Governor

Anil Panchal FXStreet

“Bullock is the right person to lead the RBA into the future and ensure we have the world’s best and most effective central bank,” said the Australian government officials during an emergency press conference held early Friday.

That said, Australian Prime Minister Anthony Albanese and Treasurer Jim Chalmers called an emergency press conference after media reports circulated that Philip Lowe won’t have a chance for reappointment after his term expires in September 2023.

The government update also mentioned that Bullock will be the first woman to lead the RBA.

Apart from the official releases, individual comments from Aussie Treasurer Jim Chalmers and Reserve Bank of Australia (RBA) Governor Philip Lowe also crossed wires, via Reuters.

RBA Governor Lowe appreciated the Treasurer’s choice for his replacement by terming it “first rate” and adding, “The reserve bank is in very good hands as it deals with the current inflation challenge.”

On the other hand, Aussie Treasurer Chalmers cited the empty space for RBA Deputy Governor’s place, which will be filled in the next few months. The news also mentioned that the appointment will take place from September 18, 2023. It should be noted that Australia Treasurer Chalmers also cited the RBA's independence during the communication.

AUD/USD renews intraday low before bouncing off

AUD/USD initially refreshed intraday low to 0.6885 on the news before bouncing off to 0.6890. With this, the Aussie pair remains firmer around the highest level in a month.

Also read: AUD/USD closes Thursday above 0.6850 amid USD weakness

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Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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