“Ai Group congratulates Michele Bullock on her appointment as the next Governor of the Reserve Bank of Australia,” Chief Executive Innes Willox said today.
“Ms Bullock is an excellent choice to lead this critical economic institution.
“The RBA’s independent stewardship of Australia’s monetary policy under the dual mandate to keep inflation low and employment high, is a bedrock that lifts confidence by stabilising domestic inflation thereby supporting investment, job creation and non-inflationary real wages growth.
“Maintaining stable, predictable and transparent monetary policy is a pillar of a vibrant modern market economy and the incoming Governor will provide continuity at a precarious time for the global and domestic economy.
“The current challenge of bringing inflation down while retaining the very strong gains that have been made in the labour market over recent years remains formidable.
“Ms Bullock has a strong track record of consulting closely across the economy including with business. and we look forward to continuing to work with her.
“Philip Lowe’s leadership of the Bank has been characterised by the highest integrity and transparency.
“He was at the helm during the most difficult and unpredictable days of the pandemic dealing with a sudden shock to the global economy that saw the steepest decline in Australia’s GDP since the Great Depression.
“We thank him for his enormous contribution to public life over many years and his willingness to engage with and listen to the views of business and the community,” Mr Willox said.
