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Appointment of Assistant Governor, Business Services

Summary:
The Governor, Philip Lowe, is pleased to announce the appointment of Michelle McPhee to the position of Assistant Governor (Business Services) at the Reserve Bank of Australia. The Bank considered a competitive field of internal and external candidates for the role, which will become vacant on the retirement of Lindsay Boulton in February 2021. Ms McPhee is currently the Head of Banking at the Reserve Bank of Australia, a role she has held for the last four years. She spent six years as the Head of Risk and Compliance and, prior to that, held a number of senior management positions at the Bank primarily in financial market operations. She is currently a non-executive director of the Australian Payments Network, deputy chair of

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The Governor, Philip Lowe, is pleased to announce the appointment of Michelle McPhee to the position of Assistant Governor (Business Services) at the Reserve Bank of Australia. The Bank considered a competitive field of internal and external candidates for the role, which will become vacant on the retirement of Lindsay Boulton in February 2021.

Ms McPhee is currently the Head of Banking at the Reserve Bank of Australia, a role she has held for the last four years. She spent six years as the Head of Risk and Compliance and, prior to that, held a number of senior management positions at the Bank primarily in financial market operations. She is currently a non-executive director of the Australian Payments Network, deputy chair of Note Printing Australia and chair of both organisations' audit and risk committees. Ms McPhee joined the Bank in 1988.

Ms McPhee has a Bachelor of Business from the University of Technology, Sydney and is a graduate of the Australian Institute of Company Directors.

Ms McPhee will take up her position on 1 March 2021. In this role she will oversee the Bank's Banking, Note Issue and Payments Settlements departments. The Group has responsibility for providing banking services to the Australian Government, distributing Australia's banknotes, and operating Australia's payments infrastructure.

Reserve Bank Australia
The Reserve Bank of Australia (RBA) came into being on 14 January 1960 as Australia's central bank and banknote issuing authority, when the Reserve Bank Act 1959 removed the central banking functions from the Commonwealth Bank. The bank has the responsibility of providing services to the Government of Australia in addition to also providing services to other central banks and official institutions. It currently consists of the Payments System Board, which governs the payments system policy of the bank, and the Reserve Bank Board, which governs all other monetary and banking policies of the bank.

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