The Federal Government has announced Dr Phillip Lowe to the position of Deputy Governor of the Reserve Bank and Heather Ridout as a member of the Board.


Dr Lowe will be appointed for a seven-year period from 14 February 2012, succeeding Ric Battellino, who is retiring from the Board who served in the role for the last five years in a career that spanned 39 years with the RBA.


Governor Glenn Stephens was quick to congratulate Dr Lowe on his appointment.


“I congratulate him on this much deserved appointment, where his considerable skills and knowledge will stand him and the Bank in good stead as it faces the challenges ahead,” Mr Stephens said.


The Governor also welcomed the appointment by the Deputy Prime Minister and Treasurer of Heather Ridout to the Reserve Bank Board. She will succeed Graham Kraehe, who has served on the Board since February 2007.


Mrs Ridout has announced she will depart her role of CEO of the Australian Industry Group to pursue her career with the RBA.