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RBA promotes new head of banking

The Reserve Bank of Australia has promoted Michael Plumb to head of banking, after holding a number of senior roles within the bank.

Michael Plumb has a tenure of more than 20 years within the RBA, with his most recent position as chief representative at the bank’s New York Representative Office. 

Prior to that role he held earlier positions as deputy head of economic analysis department and of economic research department.

Reporting to assistant governor (business services), Michelle McPhee, who said she was “delighted” Dr Plumb will lead the dynamic department, which was “at the heart” of its role as the government’s banker. 

“Among the many critical functions it performs, this department processed all the JobKeeper and COVID-19 disaster payments during the pandemic, helping bring relief to thousands of Australians, Ms McPhee said.

“I’m confident that Michael’s vast experience and strong skill set will help him steer the team through these challenging times.”

The RBA provides a range of banking services to the Australian government, including management of its core accounts, and more than 90 government agencies.

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As well as providing services to overseas central banks and official institutions.

Dr Plumb, who holds a doctorate in economics from the University of Oxford, will take up the position from 7 March.

[Related: RBA governor defends cash rate forecasting]

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