Melinda Cilento Appointed to RBA Monetary Policy Board
Synopsis
The Australian government has appointed Melinda Cilento to the Reserve Bank of Australia’s Monetary Policy Board for a five-year term while Ian Harper prepares to step down.
The Australian government has appointed Melinda Cilento to the Reserve Bank of Australia's (RBA) Monetary Policy Board with her five-year term set to begin on 1 September.
Cilento will serve in the role on a part-time basis. She brings decades of experience in economic policy, business leadership and public sector governance.
Her appointment comes as the RBA continues implementing governance reforms aimed at strengthening Australia's monetary policy framework.
The government also confirmed that economist Ian Harper will step down from the Monetary Policy Board after previously serving on the Reserve Bank's former board.
The board is responsible for setting Australia's official cash rate and guiding monetary policy decisions that influence inflation, employment and economic growth.
Experienced Economist Joins RBA Leadership
Cilento has held several senior positions across Australia's public policy and business sectors. She currently serves as CEO of the Committee for Economic Development of Australia (CEDA) and has previously been a commissioner at the Productivity Commission.
Cilento also served as Chief Economist and Deputy Chief Executive of the Business Council of Australia where she contributed to policy discussions on economic reform, productivity and business competitiveness.
Her broad experience across government, research and industry is expected to support the RBA's decision-making as Australia continues to navigate inflation, interest rates and global economic uncertainty.
Ian Harper to Leave Monetary Policy Board
Alongside Cilento's appointment, the federal government announced that Ian Harper will step down from the Monetary Policy Board after serving on both the former Reserve Bank Board and the newly established board.
The change forms part of the RBA's updated governance structure, introduced following an independent review of the central bank.
Under the reforms, monetary policy decisions are now made by a dedicated Monetary Policy Board. It is separate from the Governance Board responsible for the institution's operations.
The RBA has maintained the official cash rate at 3.60% in recent months as inflation has continued to moderate, making the composition of the Monetary Policy Board closely watched by financial markets and policymakers.
Source: Capital Brief
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