Glenn Stevens to step down as RBA governor

Mr Morrison told parliament today that deputy governor Philip Lowe will replace Mr Stevens for a seven-year term from 18 September 2016 when the current RBA chief steps down.

"Dr Lowe brings a wealth of knowledge and experience to the role of governor, having served as the RBA deputy governor since early 2012, heading up many of the RBA’s analytical departments and publishing on a wide range of issues relevant to the operation of monetary policy over his three-decade career with the RBA," Mr Morrison said.

"Dr Lowe also served as head of the financial institutions and infrastructure division at the Bank for International Settlements (2000-2002), where he authored important research on the financial stability role of central banks in low-inflation environments."

More to come.