Ms Schwartz currently serves as the foundation chair of the Women’s Leadership Institute Australia, and has also held board roles with Bank of Melbourne and Industry Superannuation Property Trust.
Mr Morrison said Ms Schwartz was would be a valuable addition to the group given her background across a number of different sectors.
“Ms Schwartz has business experience across a range of industries, which will enable her to make a strong contribution to the Reserve Bank board,” he said.
Ms Schwartz’ five-year appointment will commence on 14 February 2017, and will coincide with the departure of current board member Heather Ridout.
“Ms Ridout has made an important contribution to Reserve Bank board deliberations through a challenging period for the Australian economy and I thank her for her service. I wish her every success for the future,” Mr Morrison said.
[Related: RBA unlikely to follow Fed by lifting rates]