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Appointment of new Reserve Bank Governor.

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Wayne Swan MP Federal Labor Shadow Treasurer

1 August 2006

Appointment of New Reserve Bank Governor

Labor welcomes the appointment of Mr Glenn Stevens as the next Governor of the Reserve Bank of Australia.

Mr Stevens has the skills and experience needed to lead the Reserve Bank in an increasingly complex economic environment.

Ongoing inflationary pressures in the Australian economy mean Mr Stevens faces some challenging monetary policy decisions in the months and years ahead.

Mr Stevens will take over the role of Governor of the Reserve Bank on September 18 2006 from the current Governor Mr Ian Macfarlane.

Labor would like to take this opportunity to thank Mr Ian Macfarlane for his dedicated service to the Reserve Bank and the people of Australia.

Ian Macfarlane has successfully led the Reserve Bank through a decade of significant and challenging change in the Australian economy.

Throughout this period of exemplary leadership, Mr MacFarlane has made a real contribution to the economic prosperity and welfare of the people of Australia.

Labor wishes Mr MacFarlane every success in his future endeavours.

ENDS 1 August 06 Contact : Lachlan Harris 0417 592 338