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The Reserve Bank has appointed its first female deputy governor in its 62-year history.

Michele Bullock, assistant governor (financial system) at the Reserve Bank of Australia (RBA) has been promoted to the role of deputy governor and member of the central bank’s board.

Her appointment is effective immediately.

Ms Bullock has replaced ex-deputy governor Guy Debelle, who departed in mid-March after retaining the job for six years. He is set to become chief financial officer at Fortescue Future Industries, the renewable energy arm of iron ore giant Fortescue Metals Group, from June.

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Governor Philip Lowe welcomed Ms Bullock, commenting she brings a “wealth of experience”.

She was appointed to her current position in 2016 and has also been a member of the RBA’s senior policy committees, as well as deputy chair of the payment systems board.

Previously, she held other senior management positions in the RBA, including assistant governor (business services), assistant governor (currency), adviser for the currency group and head of payments policy department.

Ms Bullock had held the assistant governor positions since 2010.

She is also a member of the Council of Financial Regulators and has experience working with APRA, ASIC and Treasury.

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“She has played a leading role in the bank’s work on financial stability and has a well-deserved international reputation for her work on payments systems,” Dr Lowe said.

“Michele also brings considerable management experience to the role and I look forward to working with her.”

Ms Bullock commented: “‘I am honoured to be appointed Deputy Governor of the Reserve Bank of Australia and excited by the opportunity to serve the people of Australia in this new role.”

[Related: APRA confirms tweaks to leadership team]

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