Governance Board

The role, responsibilities and composition of the Governance Board are laid down in the Reserve Bank Act 1959.

Role of the Governance Board

As set out in Section 8AA of the Reserve Bank Act, the overarching objective of the RBA, including its boards, is to promote the economic prosperity and welfare of the Australian people, both now and into the future.

The specific responsibilities of the Governance Board in achieving this overarching objective are set out in Section 10D of the Act. They include:

  1. overseeing and determining policies for the management and organisational affairs of the RBA
  2. determining the RBA’s policies for delivering banking services to the Commonwealth and issuing, re-issuing and cancelling Australian banknotes
  3. determining the RBA’s policies for any other matter not covered by the functions of the Monetary Policy Board or the Payments Policy Board.

The Governance Board is also the accountable authority of the RBA under the Public Governance, Performance and Accountability Act 2013 (PGPA Act). This role creates obligations on the Governance Board to establish frameworks and policies for, among other things, the proper use and management of the RBA’s resources and establishing and maintaining appropriate systems of risk oversight and risk management. The Governance Board is also responsible, as the RBA’s accountable authority, for publishing the RBA’s Annual Report and Corporate Plan.

Meetings of the Governance Board

The Board meets around once a quarter, with an additional meeting scheduled for the Board to consider and approve the annual financial statements, annual reporting suite and associated activities. Board meetings are held at the RBA’s Head Office in Sydney.

Seven members form a quorum for a meeting of the Governance Board. These meetings must be presided over by either the Chair (currently the Governor) or, in their absence, the Deputy Chair; at least one of the Chair or the Deputy Chair must, under the Act, be an external member. Consistent with the Reserve Bank Act, the Board makes decisions by a majority of the members present, with the Chair having a casting vote, if necessary.

Board meetings run from mid-morning to late afternoon.

Members of the Governance Board

The Governance Board comprises nine members: three ex officio members – the Governor (who is the current Chair), the Deputy Governor and the Chief Operating Officer of the RBA – and six non-executive members, who are appointed by the Treasurer. The Governor and Deputy Governor are appointed for terms of up to seven years, and are eligible for reappointment. The non-executive members are appointed for terms of up to five years, with the possibility of an extension of their term up to a maximum total period of seven years.

Under Section 25NB(2) of the Reserve Bank Act, members of the Board may not be a director, officer or employee of an authorised deposit-taking institution for the purposes of the Banking Act 1959.

The current members of the Governance Board are:

Photograph of Michele Bullock

Chair: Michele Bullock

BEc (Hons) (UNE), MSc (LSE)

Governor since 18 September 2023
Chair since 1 March 2025
Present term ends 17 September 2030

Chair – Monetary Policy Board
Chair – Payments System Board
Chair – Council of Financial Regulators
Chair – Financial Markets Foundation for Children
Member – Financial Stability Board
Member – Trans-Tasman Council on Banking Supervision
Director – The Anika Foundation

Photograph of Carol Schwartz

Deputy Chair: Carol Schwartz AO

BA, LLB, MBA (Monash)

Deputy Chair since 1 March 2025
Present term ends 28 February 2027

Founding Chair – Women’s Leadership Institute Australia
Chair – Climate Council
Chair – Equity Trustees
Chair – Our Community
Director – Trawalla Group

Photograph of Andrew Hauser

Ex officio Member: Andrew Hauser

MA (PPE) (Oxford), MSc Economics (LSE)

Deputy Governor since 12 February 2024
Member from 1 March 2025
Present term ends 11 February 2029

Deputy Chair – Monetary Policy Board

Photograph of Susan Woods

Ex officio Member: Susan Woods

BCom (Western Australia), GradDipBus (Curtin University of Technology)

Chief Operating Officer since 4 March 2024
Member since 1 March 2025

Photograph of Swati Dave

Non-executive Member: Swati Dave

Member since 1 March 2025
Present term ends 31 August 2029

Chair – Centre for Australia-India Relations Advisory Board
Non-executive Director – Australian Financial Complaints Authority
Non-executive Director – Treasury Corporation of Victoria
Independent Member – QIC Global Infrastructure Investment Committee
Member –Trade 2040 Taskforce
Multicultural Ambassador – Cricket Australia

Photograph of Danny Gilbert

Non-executive Member: Danny Gilbert AM

LLB (Sydney)

Member since 1 March 2025
Present term ends 28 February 2030

Co-founder and Chair – Gilbert + Tobin
Chair – Cape York Partnership Group Pty Ltd
Director – Business Council of Australia
Director – Impact Investing Australia Limited
Member – Sydney Harbour Federation Trust
Member – Advisory Committee, Gilbert + Tobin Centre of Public Law, University of New South Wales
Member – Global Foundation Advisory Committee

Photograph of Elana Rubin

Non-executive Member: Elana Rubin AM

BA (Hons) (Melb), MA (Melb)

Member since 1 March 2025
Present term ends 31 August 2028

Chair – Australian Business Growth Fund
Chair – Victorian Managed Insurance Authority
Chair – Infoxchange
Non-executive director – Dexus Funds Management Limited
Non-executive director – Slater and Gordon Ltd
Non-executive director – Telstra Corporation Limited
Non-executive director – WestConnex/Sydney Transport Partners
Non-executive director – The Dor Foundation

Photograph of David Thodey

Non-executive Member: David Thodey AO

BA (Victoria, Wellington), PostGradDipGenMan (Northwestern Kellogg School of Management)

Member since 1 March 2025
Present term ends 31 August 2029

Chancellor – University of Sydney
Chair – Fitness Passport
Chair – Ramsay Health Care
Chair – Xero
Co-Chair – Great Barrier Reef Foundation
Advisor – Bank of America
Advisor – ServiceNow
Director – Committee for Sydney

Photograph of Jennifer Westacott

Non-executive Member: Jennifer Westacott AO

BA (Hons) (UNSW), GradCertMgt (Monash Mt Eliza Graduate School of Business), Chevening Scholar (LSE)

Member since 1 March 2025
Present term ends 28 February 2030

Chancellor – Western Sydney University
Chair – Bradfield Development Authority
Chair – Future Generation Global
Non-executive Director – ATCO Australia Pty Ltd
Non-executive Director – ATCO Gas Australia Networks Pty Ltd
Non-executive Director – Canadian Utilities
Non-executive Director – Cyber Security Research Centre
Non-executive Director – Wesfarmers

Relationship with the RBA’s other boards

The Reserve Bank Act provides a clear delineation between the Governance Board and both the Monetary Policy Board and the Payments System Board. This includes provisions that prohibit the Governance Board from performing any functions conferred to the Monetary Policy or Payments System board, or from doing anything that would limit the ability of the Monetary Policy Board to exercise its powers in ways that affect the RBA’s balance sheet. The responsibilities of the Governance Board under the PGPA Act also include governing in a way that promotes the achievement by the RBA of its objectives, including those under the control of the Monetary Policy and Payments System boards. These provisions reduce the risk of conflict over policies between the boards. The RBA’s three boards are also working towards establishing a memorandum of understanding to clarify how they will work together effectively and manage any potential conflicts that may arise. However, if a conflict were to arise, the Governor has the ultimate authority to resolve the conflict.