Australian business welcomes the appointment of Michele Bullock as the new governor of the Reserve Bank of Australia.

“As deputy governor, and as a senior Reserve Bank official for many years, Michele Bullock brings the leadership, experience, intellect and integrity that Australia needs as it faces new economic challenges,” ACCI chief executive Andrew McKellar said.

“A strong and independent Reserve Bank is essential to address the pressures that the economy is experiencing, particularly rising prices and interest rates. These pressure points are balanced with the need to maintain strong employment.

“Amid this difficult economic environment, an especially important task for Michele Bullock will be to implement the reforms of the Reserve Bank review.”

Australian business was also thankful to outgoing governor Philip Lowe for his service.

“Philip Lowe has been an exemplary governor of the Reserve Bank under extremely difficult circumstances. He was instrumental in guiding our nation’s economy and financial system through the unprecedented challenges brought by the COVID-19 pandemic,” Mr McKellar said.

“He has worked constructively with all stakeholders, including the business community.”