Reserve Bank of Australia Annual Report – 1975 Retirement of Sir John Phillips, K.B.E.

Sir John Phillips, K.B.E. retired as Governor of the Reserve Bank of Australia at the expiration of his term of office on 22 July 1975.

In a public statement on 21 July 1975, the Treasurer, The Hon. Bill Hayden, M.P., paid a special tribute on behalf of the Australian Government to Sir John's long and distinguished banking career. Mr Hayden said that Sir John, as Governor of the Reserve Bank for the past seven years and before that its Deputy Governor since 1960, had made a valuable and significant contribution to the development not only of central banking in this country, but also the development of the Australian banking system as a whole. Mr Hayden added that Sir John carried out with distinction his dual role of day-to-day management of the Bank and Chairman of the Reserve Bank Board.

At a meeting of the Reserve Bank Board on 2 July 1975 the Board passed the following resolution:

“That this Board record its recognition of Sir John Phillips' long and dedicated service to the Bank and Chairmanship of the Board. During his terms of office, as Deputy Governor and Governor, the Bank has experienced marked changes and pressures in the economic and monetary spheres. Under his calm leadership the Bank has continued to progress and has consolidated the high place it occupies at the centre of the financial field. Sir John's personal qualities of judgment and integrity have been recognised in the high esteem in which he is held by his associates, colleagues and the staff.”