Top Bank of England official joins Reserve Bank as deputy governor

A top official at the UK central bank is set to make the move to Australia and join the Reserve Bank as it battles to tame persistent price pressures.

The ranks of the Reserve Bank are set to be bolstered following the appointment of a top official from UK’s central bank.

Following a 31-year stint at the Bank of England (BoE), Andrew Hauser will join the RBA as deputy governor as the institution undergoes its most significant overhaul in decade.

Mr Hauser is expected to start at the RBA’s Martin Place head office in Sydney in early 2024.

Announcing the appointment, Treasurer Jim Chalmers said Mr Hauser’s distinguished career at the BoE would ensure the RBA was a more effective central bank as it enacts the recommendations of its recent review.

“His appointment strikes the right balance between providing deep central banking experience and offering a fresh, global perspective to the work of the RBA,” Dr Chalmers said.

New RBA deputy governor Andrew Hauser. Picture: Supplied.

RBA governor Michele Bullock welcomed the appointment and said she looked forward to working with Mr Hauser.

“He has great experience and will bring a welcome external perspective to the bank and the Reserve Bank board,” Ms Bullock said.

Joining the BOE in 1992, Mr Hauser, 53, has climbed the ranks to ultimately manage the central bank’s markets division, a role he has held since 2018. Mr Hauser has also represented the UK as a member of the International Monetary Fund’s executive board.

Mr Hauser said he was deeply honoured to serve as Ms Bullock’s deputy.

“I look forward to working closely with Michele Bullock, her senior team and the talented staff of the RBA to serve the Australian people and to make a reality of the recommendations in the RBA review,” he said.

The appointment of Andrew Hauser comes as Treasurer Jim Chalmers progresses major reforms to the RBA’s operations. Picture: NCA NewsWire / Martin Ollman

Bank of England governor Andrew Bailey also praised Mr Hauser, labelling him as “an outstanding central banker,” who was “respected around the world”.

“While he will be greatly missed at the Bank of England, I am delighted that he is taking up such an important role at the Reserve Bank of Australia,” Dr Bailey said.

Mr Hauser will fill the vacancy left by Ms Bullock when she was elevated to become the nation’s top central banker in September.

The ninth person to hold the role, Ms Bullock was appointed for a seven-year term replacing Phil Lowe and is the RBA’s first female governor.

The appointment of an outsider to the deputy role was likely after the RBA review recommended that central bank recruit more external candidates to vacant roles.

Andrew Hauser joins freshly minted RBA governor Michele Bullock. Picture: NCA NewsWire / Martin Ollman

Current RBA assistant governor Chris Kent, who leads the financial markets division, was also short-listed for the deputy position.

Shadow treasurer Angus Taylor also welcomed the appointment of Mr Hauser.

“Mr Hauser brings decades of experience from his career at the Bank of England which will play a crucial role as the RBA continues to tackle the ongoing pressure inflation is placing on household budgets,” Mr Taylor said.

“We wish him all the best and look forward to working with him.”

The RBA has a number of other senior positions to fill including the roles of assistant governor in the economics division, vacant since the resignation of now-Westpac chief economist Luci Ellis, and chief operating officer, a role also recommend by the recent review of the central bank.