RBA announces new C-level role

The Reserve Bank of Australia (RBA) has announced that it has appointed Susan Woods to be its new chief operating officer (COO), effective 4 March 2024.

Ms Woods has been with the RBA since 2018 as assistant governor, corporate services, with responsibility for the bank’s information technology and facilities management departments and the enterprise data office.

She brings over three decades of experience in the financial services sector to the role, having worked across various business functions including sales and distribution, back office support, and produce manufacture.

In making the announcement, the RBA flagged that Ms Woods had already “overseen the delivery of a substantial technology-related change, the renovation of the bank’s head office and the uplift of data governance and strategic planning capabilities”.

In the newly created role, she will work alongside the bank’s new deputy governor, former Bank of England veteran Andrew Hauser, ensuring coordination between policy, operational, and organisational decision making.

She will also work closely with the governor Michele Bullock towards implementing the changes recommended by the RBA review last year.

The central bank has been updating its processes and team recently as a result of the RBA review.

New legislation, the Treasury Laws Amendment (Reserve Bank Reforms) Bill 2023, is currently being scrutinised by the Senate economics legislation committee for inquiry and report by 21 March 2024.

As per the RBA review, the move aims to create two separate boards at the RBA. One would be for monetary policy (consisting of the RBA governor [who would also be chair], deputy governor, Treasury secretary, and six external members) and one would be in charge of governance and oversight of RBA management.

However, former treasurer (and Australia’s longest-serving treasurer) Peter Costello has warned against creating two new boards, suggesting that the move would only lead to conflict at the central bank.

[Related: Former treasurer warns against creating new RBA boards]