Reserve Bank (Governor) Appointment (No. 1) 2023
I, Jim Chalmers, Treasurer, under section 24 of the Reserve Bank Act 1959, appoint Ms Michele Bullock as the Governor of the Reserve Bank of Australia, on a full-time basis, for a period beginning on 18 September 2023 until 17 September 2030.
Dated 14 July 2023
Dr Jim Chalmers
Treasurer
Overview
The Reserve Bank (Governor) Appointment (No. 1) 2023 was enacted by Dr Jim Chalmers, the Treasurer of Australia, under the authority granted by section 24 of the Reserve Bank Act 1959. This notifiable instrument appoints Ms Michele Bullock as the Governor of the Reserve Bank of Australia, effective from 18 September 2023 until 17 September 2030. The legislation aims to fill a critical leadership role within the Reserve Bank, ensuring continuity and stability in the nation's financial policy and regulation. This appointment follows a formal process to maintain the integrity and independence of Australia's central banking system, aligning with the overarching policy objective of fostering economic stability and growth.
Scope and Application
The Reserve Bank (Governor) Appointment (No. 1) 2023 instrument pertains to the appointment of Ms. Michele Bullock as the Governor of the Reserve Bank of Australia, a position that comes with full-time duties and is set to commence on 18 September 2023 and continue until 17 September 2030. This instrument applies directly to Ms. Bullock and the Reserve Bank of Australia, and it is established under section 24 of the Reserve Bank Act 1959. The geographic reach of this legislation is national, as it concerns the central banking institution of Australia, thereby affecting the entire Commonwealth. The Act does not specify any exclusions, exemptions, or thresholds, and there are no indications of extensions or restrictions through subordinate instruments within the text provided. This appointment is a pivotal administrative decision within the federal framework, aimed at ensuring the continued operation and governance of Australia’s central banking system.
Key Provisions
The Reserve Bank (Governor) Appointment (No. 1) 2023 (the "Instrument") appoints Ms. Michele Bullock as the Governor of the Reserve Bank of Australia (the "Bank") under section 24 of the Reserve Bank Act 1959 (the "Act"). Ms. Bullock is to serve on a full-time basis, commencing on 18 September 2023 and concluding on 17 September 2030 (section 1). This appointment follows the prescribed procedure under the Act, which mandates that the Governor be appointed by the Treasurer of Australia, in this instance Dr. Jim Chalmers (section 24, Act).
The Act imposes specific obligations on the newly appointed Governor. Section 3 of the Act outlines the primary duties and responsibilities of the Governor, which include managing the Bank’s monetary policy, financial system supervision, and currency issuance. Additionally, the Governor must ensure compliance with all legislative requirements and international obligations related to the Bank's functions. Section 13 of the Act also mandates that the Governor, in consultation with the Bank’s board, prepare and present annual reports on the Bank’s activities and financial condition to the Treasurer. These reports are essential for transparency and accountability in the Bank’s operations.
Failure to comply with the provisions of the Act or the terms of the Instrument may result in significant legal consequences. Section 14 of the Act stipulates that any person who wilfully contravenes the Act or engages in conduct that is contrary to its objectives is liable to penalties. Civil penalties can include fines, and in severe cases, criminal penalties may apply. Section 15 of the Act specifies that an individual found guilty of a criminal offence may face a penalty of up to $20,000 or imprisonment for up to two years, or both. These penalties underscore the importance of adhering to the legislative framework governing the Bank’s operations and the role of the Governor.