Skip to content
Business Company News, Finance Investment

Monash Expert: Reserve Bank appointment of new Governor

Monash University 2 mins read

A Monash University economics expert is available to discuss the Reserve Bank’s appointment of Michele Bullock and why Philip Lowe was not re-appointed.

Dr Isaac Gross, Lecturer Department of Economics, Monash Business School

Contact: + 61 490 819 643 or

Read more of Dr Gross’ commentary here: Monash Lens

From 2011 to 2013 Dr Isaac Gross worked as an economist for the Reserve Bank of Australia.

The following can be attributed to Dr Gross:


“The Reserve Bank of Australia will have a new – and, for the first time in its 63 year history, female – Governor in September with Michele Bullock being tapped to lead the central bank. Michele was appointed as she has considerable experience working as a central banker and – just as importantly – is fully committed and able to implement the findings of the RBA Review.


“While this does represent a changing of the guard it will not mean a significant change for interest rates. Michele has been a member of the Board that has increased interest rates by more than 4 per cent over the past year and it is unlikely she will change the path that the Board is currently on.


“There are three key reasons why Philip Lowe not re-appointed. 

"The first is the mistake he made trying to keep the unemployment rate high to reign in house prices prior to the pandemic. The RBA had a deliberate policy of keeping interest rates high, which led to higher unemployment in an effort to stop house prices from rising. This cost the Australian economy more than 200,000 jobs and was a significant policy error. 

“The second reason was the mistaken approach to forward guidance – effectively promising Australian households that interest rates would stay at 0% until 2024. This obviously turned out not to be an accurate forecast and damaged the RBA’s credibility with the public. 

“Finally, the Review of the RBA made it clear that the RBA has a severe cultural problem with a hierarchical work environment in which bad decisions are not questioned, the staff are not listened to and diversity of thought is not encouraged. Changing the leadership of the RBA is needed to reform the RBA, which is why the government ultimately decided not to extend Phil Lowe’s term.”

For more Monash media stories visit our news & events site:

For any other topics on which you may be seeking expert comment, contact the Monash University Media Unit on +61 3 9903 4840 or

More from this category

  • Energy, Finance Investment
  • 05/12/2023
  • 17:59
Tuesday 5 December


Profit-to-member superannuation investors have today welcomed the outcomes of the Treasurer’s Investor Roundtable, where agreement was reached for government and investors to work together to identify opportunities to accelerate investment in Australia’s net zero transformation. The opportunities to be considered include those outlined in Super-powering the energy transition: A policy blueprint to facilitate superannuation investment, which was supported by major profit-to-member superannuation investors, including AustralianSuper, Australian Retirement Trust, CareSuper, Cbus, HESTA, Hostplus, Rest, and Unisuper, and industry super owned IFM Investors. Australia’s energy transition requires investment on a massive scale. The right policy settings and approaches to facilitating investment will…

  • Agriculture Farming Rural, Business Company News
  • 05/12/2023
  • 13:13
Avocados Australia

Gross value of production for Australian avocados has bounced back to 2020-21 level

According to Avocados Australia’s “Facts at a Glance 2022/23 Report”, the gross value of production (GVP) for Australian avocados was estimated at $574 million in 2022-23, which is a return to the 2020/21 level. Key statistics like this about the Australian avocado industry can be found on the Avocados Australia website here thanks to an important project led by Avocados Australia. The “Avocado industry and market data capture and analysis” project (AV20000) came to an end this year and the Facts at a Glance report was the culmination of three years of data collection and analysis. This Hort Innovation funded…

  • Finance Investment, Oil Mining Resources
  • 05/12/2023
  • 10:26
Victory Metals Limited (ASX:VTM)


Victory Metals Limited (ASX:VTM) (“Victory” or “the Company”), a leader in the exploration and development of rare earth elements (REE), is excited to announce…

  • Contains:

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time your distribute with Medianet. Pay per release or save with a subscription.