New RBA boss Michele Bullock faces a two-front war battling a slowing Aussie economy and El Nino-driven inflation, says AntonyMCurrie
Deputy Governor of the Reserve Bank of Australia Michele Bullock, who has been newly appointed as the governor of RBA, attends a meeting with Australian Prime Minister Anthony Albanese and Australian Treasurer Jim Chalmers at Parliament House in Canberra, Australia, July 14, 2023. AAP/via REUTERS
MELBOURNE, July 14 - Michele Bullock cannot count on a honeymoon period when she takes over at the Reserve Bank of Australia in September. The country’s Treasurer Jim Chalmers onunveiled her appointment as the central bank’s first female governor after deciding not to extend gaffe-prone Philip Lowe’s seven-year tenure. By the time she steps up, Bullock, currently deputy governor, will probably face an economic war on two fronts.
Bullock will lead slightly more independent institution where the governor wields a tad less power. At present, the governor alone signs off on the decision, and who votes for or against is not made public. That will change as part of a review Chalmers approved in April.
It will be far from an easy ride for the new boss, however. Though the jobless rate is below 4% - thus qualifying as full employment in the RBA’s book – economic growth slowed to just 0.2% in the first quarter. Adjusted to strip out the effect of higher-than-average immigration following the reopening of the country’s borders, growth contracted 0.2% on a per capita basis. Consumer and property sectors are starting to waver. As recession risks rise, Bullock may soon have to cut borrowing costs.
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