When Michele Bullock was interviewed in 1983 for a job at the RBA, she had the false impression she mucked up the job interview and wouldn’t be accepted.
During her four-decade career, the now 60-year-old has not lost her down-to-earth country nature, according to current and former colleagues.
Former colleagues say there is little evidence to suggest there will be, with both subject to the same institutional framework to get inflation down without crunching too hard the jobs market and economy. “In Australia’s case, all I can say is that we may have to raise interest rates again, but we’re watching the data very carefully,”Second, Bullock is focused on implementing many of the 51 recommendations of the independent review of the RBA, particularly reshaping the internal culture among the bank’s 1400 staff.
Reflecting on his time in the RBA’s payments policy department, which Bullock ran from 2016 to 2022, Langcake says Bullock always seemed genuinely interested in staff welfare and what people were working on. “She is grounded, unpretentious and level-headed. She is a very committed servant of the people. She has had wide responsibility and experience across the bank.”
One perceived shortcoming is that, unusually for a governor, Bullock has not worked in the economics or financial markets parts of the bank for the past 25 years. People who have worked with Bullock says she didn’t give the impression that she had ambitions to be governor. Less than 18 months later, she takes on the governor role on a seven-year appointment by Treasurer Jim Chalmers.
Others who have departed include head of the international department Alex Heath, who was seconded to Treasury to lead the government’s employment white paper; head of domestic markets and financial stability Jonathan Kearns, who joined Challenger; and former department head for payments and economic analysis Tony Richards.
Before becoming deputy governor in April 2022, Bullock was somewhat detached from monetary policy decision-making,
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