RBA deputy governor to step down

Guy Debelle has resigned from the Reserve Bank of Australia (RBA) and will leave on Wednesday (16 March).

He will exit the central bank to become chief financial officer at Fortescue Future Industries, the renewable energy arm of iron ore giant Fortescue Metals Group, from June.

Treasurer Josh Frydenberg will appoint his replacement at the RBA.

Dr Debelle has been with the Reserve Bank for 25 years, having been deputy governor since 2016.

Prior to that, he had been assistant governor (financial markets) for a decade.

He has also held roles at the International Monetary Fund (IMF), Bank for International Settlements, Australian Treasury and as a visiting professor in economics at the Massachusetts Institute of Technology (MIT).

“The bank is a great institution which serves Australia well, including most recently through the policy response to COVID which has helped the country come through the crisis in a strong position,” Dr Debelle said on the RBA.

“I have often spoken about the opportunities for business to help address climate change. This new position gives me the opportunity to make a significant contribution in this area.”

RBA governor Philip Lowe thanked Dr Debelle.

“He has made major contributions to monetary policy, to financial market operations and to the management of the Bank,” he said.

Earlier this week, the RBA promoted Michael Plumb, its chief representative at its New York representative office, to the role of head of banking.

[Related: RBA governor says 2022 rate hike is ‘plausible’]