Former RBA governor Philip Lowe confirms move to investment company

Months after vacating the top seat at the Reserve Bank, former governor Philip Lowe has confirmed his next move.

Former Reserve Bank governor Phil Lowe has cemented his next career move, after leaving the central bank last year.

Dr Lowe will become the chair of publicly-listed investment company Future Generation Australia, taking over from former NSW premier Mike Baird.

The company made the announcement shortly before the Australian Securities Exchange opened on Tuesday, confirming Dr Lowe – who served as governor from 2016 to 2023 – had joined the board of directors as an independent director, effective immediately.

He will take over as chair after the annual general meeting in May.

Future Generation Australia was founded in 2014, and alongside its sister company Future General Global, has invested $75.8m in social impact partners and other non-for-profits with a focus on children, youth at risk and youth mental health.

The former RBA governor will become chair of the company from May. Picture: NCA NewsWire / Nikki Short

It’s the first board appointment for the former governor since leaving the RBA in September after 43 years.

Dr Lowe praised the Future Generation model as “brilliant”, saying it was the type of company he’d long wanted to work with.
“I’ve always strived to be associated with organisations that enhance the welfare of Australians, so it’s a privilege to work with Future Generation Australia’s shareholders and pro bono fund managers to support our most vulnerable youth,” he said.

The company’s founder and director Geoff Wilson said Future Generation was “excited” to work with Dr Lowe.

“(He) brings a deep understanding of financial markets coupled with a focus on providing both economic and social dividends to the community,” Mr Wilson said.

“His leadership, experience and intellect will add to the Board to help young Australians, while delivering returns for shareholders.”

Mr Baird, who will remain with Future Generation Australia as an independent director, praised Dr Lowe.

“Phil is one of the finest financial leaders in the country, and has demonstrated great integrity throughout his 43 years at the RBA,” he said.

“I am delighted to be working alongside him as a director, and believe he will continue to make a huge contribution to Australia - as Future Generation Australia’s chair and beyond.”