Australia on Monday appointed the Bank of England's, or BoE, Andrew Hauser as the new deputy governor of the Reserve Bank of Australia, or RBA, filling a position that had been vacant since Michele Bullock was elevated to the top role two months ago.
Hauser, the executive director of markets at the BoE, is expected to start his five-year term before the first RBA board meeting next year.
"I am humbled and deeply honored to be asked to serve as the RBA's next Deputy Governor," said Hauser, who is British and has 30 years of experience at the BoE. "I look forward to working closely with Michele Bullock, her senior team and the talented staff of the RBA to serve the Australian people, and to make a reality of the recommendations in the RBA Review."
Hauser has a master's degree in economics from the London School of Economics and a degree from Oxford University.
The appointment of an external candidate to the senior leadership of the RBA is the latest move by the government to revamp the decade-old institution after a review recommended sweeping changes.
The government will also introduce legislation this week that would create a governance board, paving way for more changes in the new year.
Treasurer Jim Chalmers said on Monday that Hauser's appointment would help ensure Australia has the most effective central bank to meet current and future economic challenges.
"His appointment strikes the right balance between providing deep central banking experience and offering a fresh, global perspective to the work of the RBA," Chalmers said.
Bullock welcomed the appointment.
"I warmly congratulate Andrew on his appointment," Bullock said. "He has great experience and will bring a welcome external perspective to the Bank and the Reserve Bank Board."