The federal opposition has applauded Michele Bullock’s appointment as the next governor of the Reserve Bank, but also warned the Albanese government it has to do more to help the bank ease pressure on inflation.

After the opposition told the government it would not support the appointment of either the secretaries of the Finance Department or Treasury to replace Philip Lowe at the RBA, shadow finance minister Jane Hume said Ms Bullock was “a very capable economist, and we have great faith in her abilities”.