Michele Bullock, the Governor of Australia's Reserve Bank (RBA), will be joined by Andrew Hauser as the newly appointed Deputy Governor. Hauser, who has over three decades of experience with the Bank of England, will begin his five-year term immediately, bringing a wealth of international expertise to the Australian central bank.
Hauser's appointment by Treasurer Jim Chalmers was announced today, following consultations with the Treasury and approval by the Cabinet. His extensive background includes managing the UK's official foreign exchange reserves and contributing to financial market operations at the Bank of England. In addition to his role on the International Monetary Fund's Executive Board in Washington DC, Hauser has been instrumental in leading inflation reporting, coordinating macro-prudential policy committees, and directing regional agencies' intelligence efforts.
The RBA is undergoing rapid organizational changes, with key figures such as Luci Ellis and Jonathan Kearns departing. This shift presents an opportunity for Hauser to apply his vast experience to support Bullock's senior team during a transformative phase for Australia's central banking system. His role will be crucial in aiding Governor Bullock in rolling out key reforms from an independent review of the RBA. Among these reforms is the establishment of a new monetary policy committee and a transition to eight interest-rate meetings per year starting from February 2024.
The Reserve Bank has faced challenges recently, including aggressive rate increases to combat inflation concerns amidst criticism over potential strain on highly-leveraged households. Hauser's commitment to serving the Australian people and implementing RBA Review recommendations is timely as he prepares to take office before next year’s first RBA Board meeting. Further leadership appointments, including an Assistant Governor (Economic), are anticipated shortly.
Educated at the London School of Economics with a Master's degree and an undergraduate degree from Oxford University, Hauser is poised to contribute his extensive knowledge and experience to help fortify monetary policy frameworks for Australia's benefit.
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