Members appointed to new RBA boards

The federal government has made two appointments to the Reserve Bank’s new monetary policy board.

There will also be four new faces on the RBA’s new governance board.

Following a review in 2023, Australia’s central bank now has two boards rather than the one. The review made 51 recommendations in all – including creating an expert monetary policy board, separate from a governance board.

Joining the monetary policy board – which will set interest rates – are Renée Fry-McKibbin and Marnie Barker.

Appointed for a five-year term, Fry-McKibbin is a Distinguished Professor of Economics at the Australian National University’s Centre for Applied Macroeconomic Analysis, and a Fellow of the Academy of Social Sciences in Australia.

A panellist on the RBA review, Fry-McKibbin has held several leadership positions in the economic and social sciences community – in Australia and the UK.

Also appointed for a five-year term, Marnie Barker joins the monetary policy board with 35 years’ experience in the financial services sector, including CEO of Bendigo and Adelaide Bank and deputy chair of the Australian Banking Association.

Treasurer Jim Chalmers also announced this week the appointment of four members to the RBA’s governance board.

They are:

• Jennifer Westacott – who has more than 30 years’ experience across the public and private sectors and was the chief executive of the Business Council of Australia for more than a decade. Currently the chancellor of Western Sydney University, Westacott – who will serve a five-year term – has executive and non-executive experience and will bring expertise in business operations and corporate governance matters.
• David Thodey joins the board with experience in innovation, technology and governance. He spent six years as Telstra CEO and 22 years at IBM Australia. Currently the chair of Xero and the chancellor of the University of Sydney, Thodey has been appointed for a four-and-a-half-year term.
• Danny Gilbert –co-founder and chair of corporate law firm Gilbert+Tobin. Gilbert – who has been appointed for a five-year term – has extensive board experience, including at NAB, the Business Council of Australia and as chair of the National Museum of Australia.
• Swati Dave – an experienced non-executive director and senior banking executive with more than 30 years of financing experience in domestic and international markets. Dave – who will serve a four-and-a-half-year term – was managing director and CEO of Export Finance Australia from 2017 to 2022. She is chair of the advisory board to the Centre for Australia-India Relations and previously served as deputy chair on the Asia Society Australia board.

“These appointments,” said Chalmers, “follow a thorough, methodical and considered selection process and months of detailed consultation.”

Candidates were shortlisted on the basis that there was a complimentary blend of skills and experience.

Explaining the thinking behind the staggered terms, Chalmers said it was “to ensure both boards have the right balance of experience and fresh perspectives. This approach is consistent with the RBA review recommendations.”

The government also consulted with existing board members about whether they wanted to serve on one of the two new boards.

Following discussions, Carolyn Hewson, Ian Harper, Iain Ross and Alison Watkins agreed to serve on the monetary policy board, which will be headed by RBA governor Michelle Bullock. Carol Schwartz and Elana Rubin opted to serve on the governance board as deputy chair and member, respectively – meaning the majority of positions on both boards are held by women.

“These appointments will ensure continuity on both boards, consistent with the preference of the RBA governor,” Chalmers said.

The new boards will meet on 1 March 2025.