Media Release Appointment of Head of Banking

Michael Plumb has been promoted to Head of Banking at the Reserve Bank of Australia. He will take up the position on 7 March 2022 and will report to Michelle McPhee, Assistant Governor (Business Services).

Dr Plumb has held a number of senior roles within the Bank. Prior to this appointment, he was Chief Representative at the Bank's New York Representative Office. Earlier positions included Deputy Head of Economic Analysis Department and Deputy Head of Economic Research Department. He joined the Bank in January 2001.

Ms McPhee said: ‘I'm delighted that Michael will be leading this dynamic Department, which lies at the very heart of our role as the Government's banker.’

‘Among the many critical functions it performs, this Department processed all the JobKeeper and COVID-19 disaster payments during the pandemic, helping bring relief to thousands of Australians. I'm confident that Michael's vast experience and strong skill set will help him steer the team though these challenging times.’

Dr Plumb has a Bachelor of Economics (Hons) and a Masters of Economics & Econometrics (Hons) from the University of Sydney and a doctorate in Economics from the University of Oxford.

Background

The Reserve Bank's Banking Department provides a range of banking services to the Australian Government and its agencies, overseas central banks and official institutions. Principal amongst these is management of the Australian Government's core accounts and provision of transactional banking services to some 90 government agencies.