Government announces new RBA appointments

The federal government has appointed Marnie Baker and Renee Fry-McKibbin to the Reserve Bank of Australia’s (RBA) monetary policy board.

Carrying 35 years of experience in the financial services sector, primarily in retail banking and funds management, Baker joins the monetary policy board after recently serving as the CEO of Bendigo and Adelaide Bank and deputy chair of the Australian Banking Association (ABA).

Appointed for a five-year term, Baker is set to “bring a deep understanding of Australia’s financial system and an important regional perspective to considerations on monetary policy.”

Meanwhile, Fry-McKibbin will enter the role as a Distinguished Professor of Economics at the Australian National University’s Centre for Applied Macro-economic Analysis and a fellow of the Academy of Social Sciences in Australia.

Fry-McKibbin has held several leadership positions across the economic and social sciences community in both Australia and the UK. She was also a panellist on the RBA Review.

Both Baker and Fry-McKibbin will commence with their roles on 1 March 2025 and conclude their tenures on 28 February 2030.

In addition to these appointments, the Albanese government has appointed four to serve on the RBA’s governance board: Jennifer Westacott AO, David Thodey AO, Danny Gilbert AM, and Swati Dave.

RBA governor Michele Bullock welcomed the new additions, saying: “The Reserve Bank of Australia welcomes the appointment of new members to the Governance Board and Monetary Policy Board.

“In particular I extend my gratitude to Carol Schwartz AO and Elana Rubin AM for their invaluable contributions to the Reserve Bank Board and thank them for their dedication and willingness to ensure continuity on the Governance Board.

“I also welcome the agreement of current members of the Reserve Bank Board to continue to serve on the Monetary Policy Board.

“I am looking forward to working with Marnie Baker and Renee Fry-McKibbin. Their expertise and insights will be vital as we continue our efforts to bring inflation back to target.”

Treasurer Jim Chalmers MP said that these appointments implement core recommendations of the RBA Review.

“We’ve selected first‑rate Australians and we’re confident they have the right skills and experience to help lead this vital economic institution,” the Treasurer said.

“The appointments are all about modernising the RBA to help ensure it can continue to meet our current and future economic challenges.

“These appointments will ensure continuity on both boards, consistent with the preference of the RBA Governor. Each member has made a significant contribution to the RBA Board and I am grateful for their continued service.”

According to Treasurer Chalmers, these appointments are just one part of the “biggest set of reforms” undertaken at the RBA in over 30 years.

“This is the process that was set out in the RBA Review and the government has stuck to it,” he said.

“These changes show we can maintain a primary focus on inflation and the cost of living while we keep the reform wheels turning.”

[RELATED: Expect 2 cuts and a 3.85% cash rate in 2025, says ANZ]

Adrian Suljanovic is a journalist at Broker Daily with more than two years experience reporting on all facets of the third party distribution channel.

Adrian has written for a range of business and finance titles including IFA, Investor Daily and Lawyer’s Weekly before joining the mortgages team in 2022.

He graduated from the University of Wollongong in 2021 gaining a Bachelor of Communication & Media with a major in Digital & Social Media.

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