RBA deputy governor Guy Debelle has quit to join Andrew Forrest’s Fortescue Future Industries
As the RBA comes under pressure to raise interest rates, deputy governor has resigned to join Andrew Forrest’s Fortescue Future Industries.
Reserve Bank deputy governor Guy Debelle has resigned after nearly three decades at the central bank to take a senior job at billionaire Andrew Forrest’s Fortescue Future Industries.
Dr Debelle was the presumed heir apparent for governor Philip Lowe, whose statutory seven-year term ends in 18 months’ time, and the shock resignation leaves succession plans for Dr Lowe – who’s term can be extended – wide open.
Josh Frydenberg said he would appoint a new deputy governor “in due course”, and thanked Dr Debelle “for his outstanding contribution to the RBA over nearly three decades including the last six years as deputy governor”.
Dr Debelle will step down next Wednesday. His resignation comes at a pivotal moment for the central bank as it attempts to navigate a global inflationary shock while seeking to support a goal of achieving full employment.
Dr Debelle’s passion for environmental issues is understood to have driven his decision to take up the position of chief financial officer at FFI, starting in June.
“I am honoured and privileged to have worked at the bank for the past 25 years and contributed to improving the welfare of the Australian people,” he said in a statement.
“The bank is a great institution which serves Australia well, including most recently through the policy response to Covid which has helped the country come through the crisis in a strong position.
“I have often spoken about the opportunities for business to help address climate change. This new position gives me the opportunity to make a significant contribution in this area”.
Dr Lowe thanked Dr Debelle for his “outstanding service”.
“Guy has been a great colleague and I wish him all the best in his new position,” Dr Lowe said.
Fortescue founder and chairman Andrew Forrest said “bringing in someone of Dr Debelle’s economic credibility goes to the heart of our vision for FFI”.
“Not only are we committed to arresting climate change, we are also committed to creating economic growth, increasing jobs and growing our business profitability,” Mr Forrest said.
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