Australia National University professor Renee Fry-McKibbin is among the fresh appointments to the Reserve Bank, under its new dual-board structure.
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Professor Fry-McKibbin was one of the three panellists who led the independent review of the Reserve Bank, which recommended overhauling its board structure.
Treasurer Jim Chalmers unveiled the new-look boards on Monday morning and confirmed all existing board members would stay on, although some will move to the new governance board.
An independent review of the central bank in 2023 recommended the Reserve Bank board be split into two: with one board to determine interest rates and the other to manage the functions of the bank.
The changes were finally given the green light in November, after the government struck a deal with the Greens to pass the relevant legislation.
Alongside Professor Fry-McKibbin, the review panel also included Australian Public Service Commissioner Gordon de Brouwer and Canadian economist Carolyn Wilkins.
Who will be deciding interest rates?
The government appointed two new members to the monetary policy board.
Professor Fry-McKibbin is a distinguished professor of economics at the ANU's Centre for Applied Macroeconomic Analysis.
Marnie Baker will also join the monetary policy board and brings 35 years of financial services experience to the role.
She was previously CEO of Bendigo and Adelaide Bank and deputy chair of the Australian Banking Association.
Existing members Alison Watkins, Ian Harper, Carolyn Hewson and Iain Ross will continue serving on the monetary policy board.
Four new appointments to governance board
Two existing board members, Carol Schwartz and Elana Rubin will move over to the governance board.
The government has appointed four new members to join the board, including Jennifer Westacott, David Thodey, Danny Gilbert and Swati Dave.
Ms Westacott was the chief executive of the Business Council of Australia for more than a decade and is now the chancellor of Western Sydney University.
Mr Thodey was formerly the CEO of Telstra and spent 22 years at IBM Australia, meanwhile Mr Gilvert is the co-founder and chair of leading corporate law firm Gilbert+Tobin.
Ms Dave has more than three decades of experience in finance and was previously the CEO of Export Finance Australia.
Announcing the new boards on Monday, Dr Chalmers said the government had chosen first-rate people with the right skills and experience for the job.
Alongside chair Michele Bullock, deputy chair Andrew Hauser and Treasury secretary Steven Kennedy, the current, external Reserve Bank board members are:
- Ian Harper
- Carolyn Hewson
- Iain Ross
- Elana Rubin
- Carol Schwartz
- Alison Watkins
From March 1, the Reserve Bank boards will be as follows.
Monetary policy board:
- Alison Watkins
- Ian Harper
- Carolyn Hewson
- Iain Ross
- Renée Fry-McKibbin
- Marnie Baker
Governance board:
- Carol Schwartz (deputy chair)
- Elana Rubin
- Swati Dave
- David Thodey
- Danny Gilbert
- Jennifer Westacott
Shadow treasurer Angus Taylor consistently accused the government of having a "sack and stack" strategy when it came to the new board appointments.
Dr Chalmers told journalists at the weekend no one would be sacked from the board.
On Monday he said the existing members were consulted on whether they would be willing to continue on one of the two boards.
"These appointments will ensure continuity on both boards, consistent with the preference of the RBA governor," a statement from the Treasurer said.
"Each member has made a significant contribution to the RBA board and I am grateful for their continued service."
