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Professor Renee Fry-McKibbin and former Bendigo Bank CEO Marnie Baker will join four of the RBA’s current external board members on the new interest-rate setting board, which will also include governor Michele Bullock, deputy governor Andrew Hauser and Treasury secretary Steven Kennedy.

Current board members Carol Schwartz and Elana Rubin will join the RBA’s governance board.

Andrew Boak from Goldman Sachs has compiled the following graphic summarising the changes.

RBA board changes

As you can see, the new interest-rate setting board is similar to the existing board. Four of the six external members are unchanged, with Marnie Baker and Renee Fry-McKibbin replacing Elana Rubin and Carol Schwartz, who have switched to the new Governance Board.

Realistically, I cannot see any significant impact on how interest rates are set. Nor do I see the new Governance Board changing the course of interest rates.

The RBA board changes are a nothingburger.

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Leith van Onselen
Post by Leith van Onselen
December 17, 2024
Leith is the chief economist and so a natural fit for our Asset Allocation team – converse in the themes of the portfolio and with an in depth knowledge of the Australian economy and its drivers. He specialises in the Australian economy and for over a decade worked at the Australian Treasury, the Victorian Treasury and Goldman Sachs.