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RBA announces new assistant governor for business services

The Reserve Bank of Australia has announced that its current head of banking will become the new assistant governor for business services next year.

Michelle McPhee has been promoted to the position of assistant governor for business services at the Reserve Bank of Australia (RBA).

Ms McPhee is currently the head of banking at the RBA, a role she has held for the last four years.

She will take on her new role on 1 March 2021, following the retirement of the current assistant governor for business services, Lindsay Boulton, in February 2021.

In her new role, she will oversee the RBA banking, note issue and payments settlements departments.


The group has responsibility for providing banking services to the Australian government, distributing Australia’s banknotes, and operating Australia’s payments infrastructure.

According to the bank, it had considered “a competitive field of internal and external candidates for the role” before selecting Ms McPhee for the position.

Prior to her current role, Ms McPhee spent six years as the head of risk and compliance and, prior to that, held a number of senior management positions at the bank. These were primarily in financial market operations.

She is currently a non-executive director of the Australian Payments Network, deputy chair of Note Printing Australia and chair of both organisations’ audit and risk committees.

Ms McPhee joined the RBA in 1988.


She has a bachelor of business from the University of Technology, Sydney and is a graduate of the Australian Institute of Company Directors.

[Related: RBA backs responsible lending reforms]

RBA announces new assistant governor for business services
RBA announces new assistant governor for business services

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Annie Kane

Annie Kane is the editor of The Adviser and Mortgage Business.

As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts. 

Contact Annie at: This email address is being protected from spambots. You need JavaScript enabled to view it.

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