Reserve Bank of Australia Annual Report – 2023 1.3 Reserve Bank Board

Ian Harper AO

BEc (Hons) (Queensland), MEc, PhD (ANU)

Non-executive Member

Member since 31 July 2016
Present term ends 30 July 2026

Ian Harper has extensive experience in public policy development, academia and economic consulting. Professor Harper chaired the Competition Policy Review (Harper Review), served as a member of the Financial System Inquiry (Wallis Inquiry) and was the inaugural Chairman of the Australian Fair Pay Commission. He spent two decades as a Professor at the University of Melbourne – first as the NAB Professor of Monetary and Financial Economics (1988–1992), then as the Ian Potter Professor of International Finance (1992–2002) and the Sidney Myer Professor of Commerce and Business Administration (2002–2008) at the Melbourne Business School. Professor Harper spent eight years as an economic consultant – first as a director of Access Economics Pty Ltd (2008–2011) and then as a partner of Deloitte Touche Tohmatsu (2011–2016). In the 2020 Queen’s Birthday Honours, Professor Harper was awarded an Officer of the Order of Australia for his distinguished service to education in the field of economics, and to public and monetary policy.

Other roles

Dean and Director – Melbourne Business School Limited
Chair – Australian Statistics Advisory Council
Chair – Clergy Remuneration and Working Conditions Committee, Anglican Diocese of Melbourne
Director – Harper Associates Australia
Director – Robert Menzies Institute

Reserve Bank Board committee membership

Member – Remuneration Committee

Carolyn Hewson AO

BEc (Hons) (Adelaide), MA (Econ) (Cantab)

Non-executive Member

Member since 30 March 2021
Present term ends 29 March 2026

Carolyn Hewson is a former investment banker with over 35 years’ experience in the finance sector. She was previously an executive director of Schroders Australia Limited and has extensive financial markets, risk management and investment management expertise. She served as a panel member on the Australian Government’s Financial System Inquiry in 2013. Ms Hewson is also a former director of BHP Group, Stockland Group, BT Investment Management Limited, Westpac Banking Corporation, AGL Energy Limited, the Australian Gas Light Company, CSR Limited, AMP Limited, South Australian Water and the Economic Development Board of South Australia. Ms Hewson was awarded a Centenary Medal in 2001 for her service to Australian society in business leadership. In the 2009 Queen’s Birthday Honours, she was awarded an Officer of the Order of Australia for her service to the community through support for charitable organisations, particularly YWCA, and to business. Ms Hewson is a Life Fellow of the Australian Institute of Company Directors.

Other roles

Non-executive Director – CSL Limited
Non-executive Director – Infrastructure SA
Ambassador – Impact 100 South Australia
Member – The Council, Opportunity International Australia

Reserve Bank Board committee membership

Member – Audit Committee

Steven Kennedy PSM

BEc (Hons) (Sydney), MEc, PhD (ANU)

Ex Officio Member

Secretary to the Australian Treasury
Member since 2 September 2019

Steven Kennedy was appointed Secretary to the Australian Treasury with effect from 2 September 2019. Prior to this role, he was Secretary of the Department of Infrastructure, Transport, Cities and Regional Development from September 2017 to August 2019. During his nearly 30 years in the public service, Dr Kennedy has held other senior positions, including: Deputy Secretary at the Department of the Prime Minister and Cabinet; Deputy Secretary at the Department of Industry, Innovation and Science; Deputy Secretary at the Department of the Environment; Deputy Secretary at the Department of Climate Change and Energy Efficiency; and the Head of Secretariat of the Garnaut Climate Change Review – Update 2011. Dr Kennedy was awarded a Public Service Medal in 2016 for his outstanding public service in the area of climate change policy.

Other roles

Ex Officio Member – Board of Taxation
Ex Officio Member – Council of Financial Regulators
Member – Centre for Market Design Advisory Board
Member – Melbourne Institute Advisory Board
Member – Sir Roland Wilson Foundation
Member – Trans-Tasman Council on Banking Supervision

Iain Ross AO

BEc (Sydney), LLB (Sydney), LLM (Sydney), MBA (Monash), PhD (Law) (Sydney)

Non-executive Member

Member since 7 May 2023
Present term ends 6 May 2028

Iain Ross AO has served as a former President of the Fair Work Commission, and Judge of the Federal Court and the Supreme Court of Victoria. His career experience includes Vice President of the Australian Industrial Relations Commission, partner in the workplace relations practice group at Corrs Chambers Westgarth and Assistant Secretary of the ACTU. He was admitted as a Barrister of the New South Wales Supreme Court in May 1985 and as a Barrister and Solicitor of the Victorian Supreme Court in December 1988. In the 2005 Queen’s Birthday Honours, Dr Ross was made an Officer in the Order of Australia for his services to industrial relations through contributions to institutional reform, particularly the development of a universal superannuation system and enterprise bargaining, and as a teacher and researcher in the field. In May 2014, Dr Ross was awarded a Doctor of Laws, honoris causa (LLD) by the University of Sydney. Dr Ross is a Fellow of the Academy of the Social Sciences in Australia.

Other roles

Adjunct Professor – University of Sydney Business School

Reserve Bank Board committee membership

Member – Remuneration Committee

Elana Rubin AM

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

Non-executive Member

Member since 31 August 2023
Present term ends 30 August 2028

Elana Rubin has been a non-executive director for over 20 years and has extensive experience across technology, financial services, property, infrastructure and government sectors. Her non-executive directorships have spanned listed, unlisted, private and government companies. Previous roles include Chair of Afterpay, Chair of AustralianSuper and Chair of WorkSafe Victoria, and a Director of Mirvac and ME Bank. Ms Rubin was formerly a member of the Australian Government’s Infrastructure Australia Council and Climate Change Authority, and of the AICD Victorian Council. In the 2021 Queen’s Birthday Honours, Ms Rubin was awarded a Member of the Order of Australia for significant service to corporate governance and to the community. Ms Rubin is a Life Fellow of the Australian Institute of Company Directors, a Senior Fellow of the Financial Services Institute of Australasia and a Member of Chief Executive Women.

Other roles

Chair – Australian Business Growth Fund
Chair – Victorian Managed Insurance Authority
Non-executive Director – Dexus Funds Management Limited
Non-executive Director – Telstra Corporation Limited

Carol Schwartz AO

BA, LLB, MBA (Monash)

Non-executive Member

Member since 14 February 2017
Present term ends 13 February 2027

Carol Schwartz has extensive experience in business, property, the arts and community organisations. Past high-level leadership roles, including a portfolio of diverse board appointments, have spanned the business, government, arts, health and community sectors. Ms Schwartz was awarded a Centenary Medal in 2001 for her outstanding service as a leading business executive and committee participant. In the 2019 Queen’s Birthday Honours, she was awarded an Officer of the Order of Australia for her distinguished service to the community as a supporter of women in leadership roles, to social justice advocacy and to business. In 2019, she was awarded the Leading Philanthropist Award by Philanthropy Australia. Ms Schwartz is a Fellow of the Australian Institute of Company Directors.

Other roles

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

Reserve Bank Board committee membership

Chair – Remuneration Committee

Alison Watkins AM

BCom (Tasmania)

Non-executive Member

Member since 17 December 2020
Present term ends 16 December 2025

Alison Watkins is an experienced chief executive officer and non-executive director. She has led two ASX-listed companies – Coca-Cola Amatil Limited and GrainCorp Limited. Previously, Ms Watkins led Berri Limited and the Regional Banking business at Australia and New Zealand Banking Group Limited. Ms Watkins spent 10 years at McKinsey & Company, where she became a partner before moving to ANZ as Group General Manager Strategy. Ms Watkins has been a non-executive director of ANZ, Woolworths Limited and Just Group Limited. In the 2022 Australia Day Honours, Ms Watkins was awarded a Member of the Order of Australia for her significant service to business through leadership roles with a range of organisations. Ms Watkins is a Fellow of Chartered Accountants Australia and New Zealand, the Financial Services Institute of Australasia and the Australian Institute of Company Directors.

Other roles

Chancellor – University of Tasmania
Non-executive Director – CSL Limited
Non-executive Director – The Centre for Independent Studies
Non-executive Director – Wesfarmers Limited

Reserve Bank Board committee membership

Chair – Audit Committee

Mark Barnaba AM

BCom (Hons) (Western Australia), MBA (Harvard)

Non-executive Member

Member from 31 August 2017 to 30 August 2023

Mark Barnaba has extensive experience in finance and commerce, having spent most of his career with McKinsey & Company (both in Australia and overseas). He has also founded companies and held several senior executive roles at Macquarie Group. At the time of his retirement from Macquarie Group in August 2017, Mr Barnaba served as Chair and Global Head of Natural Resources for Macquarie Capital. He was co-founder (and previously Co-Executive Chair) of Azure Capital and previously served as the Chair of Western Power, the Black Swan State Theatre Company of WA, the West Coast Eagles Football Club and Alinta Infrastructure Holdings. In 2009, Mr Barnaba was the recipient of the Western Australian Citizen of the Year award in industry and commerce. In 2012, he was awarded an honorary Doctor of Commerce from the University of Western Australia. In the 2015 Australia Day Honours, Mr Barnaba was awarded a Member of the Order of Australia for his significant service to the investment banking and financial sectors, to business education, and to sporting and cultural organisations.

Other roles

Deputy Chair and Lead Independent Director – Fortescue Metals Group Ltd
Chair – Audit and Risk Management Committee, Fortescue Metals Group Ltd
Chair – Greatland Gold PLC
Chair – Investment Committee, HBF Health Limited
Emeritus Board Member – The University of Western Australia Business School Board
Non-executive Director – The Centre for Independent Studies
Adjunct Professor – Investment Banking and Finance, University of Western Australia
Senior Fellow – EY Oceania

Reserve Bank Board committee membership

Chair – Audit Committee

Resolution passed by the Reserve Bank Board – 1 August 2023

On the occasion of his final meeting, members paid tribute to Mark Barnaba’s period of public service on the Board over the preceding six years, which included a global pandemic and a surge in inflation. On behalf of all members, the Governor expressed appreciation for Mr Barnaba’s contribution to the Board’s deliberations, drawing on his extensive business experience in the resources and finance sectors and his insights from a Western Australian perspective. The Governor thanked Mr Barnaba for his constructive and insightful contribution to the formulation of monetary policy. He also thanked Mr Barnaba for chairing the Audit Committee for the preceding five years and for his strong support for the internal audit and risk functions of the Bank. Members thanked Mr Barnaba for his service to the Bank and the nation and wished him well in the future.