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Philip Lowe to replace Glenn Stevens as RBA chief

AAP

AAP

Philip Lowe will replace Glenn Stevens as the head of the Reserve Bank of Australia.

He has been appointed for a seven-year term, starting September 18.

“Dr Lowe brings a wealth of knowledge and experience to the role of governor,” Treasurer Scott Morrison told parliament on Thursday.

“[He has] served as the RBA deputy governor since early 2012, heading up many of the RBA’s analytical departments, and publishing on a wide range of issues relevant to the operation of monetary policy over his three decade career with the RBA.”

The Treasurer thanked Mr Stevens for his service as governor of the RBA for the past 10 years.

“International developments required Mr Stevens to steward the RBA through a challenging decade for the Australian economy, which included the global financial crisis, the passing of a once in a generation terms of trade boom, and the rise and fall of an unprecedented mining investment boom,” he said.

“The government thanks Mr Stevens and his staff for the role they played in helping the Australian economy navigate these significant challenges over the decade.”

Dr Lowe is regarded as a safe pair of hands and his appointment has been widely anticipated. Along with serving as deputy governor, he is also deputy chairman of the RBA board and chairman of its risk management committee.

He has previously held positions including assistant governor (economic) and assistant governor (financial system) and spent two years at the Bank for International Settlements working on financial stability issues.

Mr Morrison also announced that Ian Harper, who recently chaired the Competition Policy Review and was the inaugural chairman of the Fair Pay Commission, has been appointed a part-time member of the RBA board for a five years from July 31, coinciding with the retirement of John Edwards on July 30.

Dr Edwards served as an economic advisor to former prime minister Paul Keating.

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