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The Albanese Government has today appointed a number of eminent Australians to the Reserve Bank’s two new boards, locking in a key reform to strengthen and modernise the central bank.

These appointments to the RBA’s new Governance Board and Monetary Policy Board implement core recommendations of the RBA Review.

We’ve selected first‑rate Australians and we’re confident they have the right skills and experience to help lead this vital economic institution.

The appointments are all about modernising the RBA to help ensure it can continue to meet our current and future economic challenges.

The Government has appointed Ms Marnie Baker and Professor Renée Fry‑McKibbin to serve on the Monetary Policy Board:

• Marnie Baker has 35 years’ experience in the financial services sector, with a focus on retail banking and funds management. She recently served as CEO of Bendigo and Adelaide Bank and Deputy Chair of the Australian Banking Association. She will bring a deep understanding of Australia’s financial system and an important regional perspective to considerations on monetary policy. Ms Baker has been appointed for a five‑year term.

• Renée Fry‑McKibbin is a Distinguished Professor of Economics at the Australian ³Ô¹ÏÍøÕ¾ University’s Centre for Applied Macroeconomic Analysis, and a Fellow of the Academy of Social Sciences in Australia. She has held several leadership positions in the economic and social sciences community, both in Australia and the United Kingdom. She was a panellist on the RBA Review. Professor Fry‑McKibbin has been appointed for a five‑year term.

The Government has appointed Ms Jennifer Westacott AO, Mr David Thodey AO, Mr Danny Gilbert AM and Ms Swati Dave to serve on the Governance Board.

• Jennifer Westacott AO has more than three decades of experience across the public and private sectors and was the Chief Executive of the Business Council of Australia for over a decade. She is currently the Chancellor of Western Sydney University. She has substantial executive and non‑executive experience and will bring expertise in business operations and corporate governance matters. Ms Westacott has been appointed for a five‑year term.
• David Thodey AO is a global business leader with deep experience in innovation, technology and governance. He has more than 30 years of experience including six years as Telstra CEO and 22 years at IBM Australia. He is currently the Chair of Xero and the Chancellor of the University of Sydney. He will bring deep experience in technology and corporate governance to the board. Mr Thodey has been appointed for a four‑and‑a‑half‑year term.
• Danny Gilbert AM is a respected business leader, lawyer and philanthropist. He is co‑founder and Chair of Gilbert+Tobin, one of Australia’s leading corporate law firms. He has extensive board experience, including at NAB, the Business Council of Australia and as Chair of the ³Ô¹ÏÍøÕ¾ Museum of Australia. He is Chair of the Cape York Partnership Group. His experience across the private and not‑for‑profit sectors will be invaluable on organisation and corporate governance matters. Mr Gilbert has been appointed for a five‑year term.
• Swati Dave is an experienced non‑executive director and senior banking executive with more than 30 years of financing experience in domestic and international markets. She brings valuable strategic, business leadership and risk management capabilities to the role from her executive and non‑executive director roles across the public and private sectors. Ms Dave most recently served as the Managing Director and CEO of Export Finance Australia from 2017 to 2022. She is the Chair of the Advisory Board to the Centre for Australia‑India Relations and previously served as Deputy Chair on the Asia Society Australia Board and as an Advisory Board member on the ³Ô¹ÏÍøÕ¾ Foundation for Australia‑China Relations. Ms Dave has been appointed for a four‑and‑a‑half‑year term.

We also consulted existing board members to see whether they would be willing to continue serving on one of the two new boards, which is what the RBA review recommended.

Following that consultation, Carolyn Hewson AO, Ian Harper AO, Iain Ross AO and Alison Watkins AM agreed to serve on the Monetary Policy Board. Carol Schwartz AO and Elana Rubin AM agreed to serve on the Governance Board as Deputy Chair and member, respectively. This means the majority of positions on both boards will be held by women.

These appointments will ensure continuity on both boards, consistent with the preference of the RBA Governor. Each member has made a significant contribution to the RBA Board and I am grateful for their continued service.

I have staggered the term lengths of new appointments and extended the terms of existing external members to ensure both boards have the right balance of experience and fresh perspectives. This approach is consistent with the RBA Review recommendations.

These appointments follow a thorough, methodical and considered selection process and months of detailed consultation, including with the Opposition since July.

The appointments were all made on advice of a Panel comprising the Treasury Secretary, Reserve Bank Governor and former Secretary to the Treasury and Department of the Prime Minister and Cabinet, Martin Parkinson AC PSM.

An open and transparent expression of interest process was run, and candidates were shortlisted by the Panel. Candidates were shortlisted against a skills matrix, to ensure there was the right mix of skills and experience on both boards.

This is the process that was set out in the RBA Review and the government has stuck to it.

These appointments are one part of the biggest set of reforms undertaken at the Reserve Bank in more than three decades.

These changes show we can maintain a primary focus on inflation and the cost of living while we keep the reform wheels turning.

The new boards are scheduled to commence from 1 March next year.

Table – Term conclusion of external members