Outside of ‘jokers’ mixed in for RBA MP

EQ Economics managing director and Judo Bank adviser Warren Hogan said Dr Debelle’s move to Fortescue Future Industries presented an opportunity for an outsider.

JBWere chief investment officer Sally Auld has been touted. Dominique Lorrimer

“The RBA is one of the most important institutions in the country, but it needs a bit more external input,” Hogan said.

“You need someone who has the required experience, not only in macroeconomics, but also in banking and finance.”

“The pool of potential candidates is very small.”

Dr Debelle is the RBA’s top financial markets expert with deep contacts in global investment institutions, leaving big shoes to fill after leaving on Wednesday.

JBWere’s Dr. Auld advises clients on over $60 billion in investments. She was previously chief economist and head of fixed income at JPMorgan, and worked as an economist at ANZ and Credit Suisse.

Alison Tarditi started her career at the RBA before working in investment markets. Luis Enrique Ascui

Dr Auld holds a PhD in Economics from Oxford University and was awarded the University Medal in Economics at the University of Sydney.

Three market economists and former RBA and Treasury sources have singled her out as a “wild card” for the government to consider.

Ms Tarditi, of the Commonwealth Superannuation Corp, is investing more than $50 billion in retirement savings for public servants.

She spent nine years as an economist at the RBA until 1997, before working in investment at BT Funds Management, Citigroup and, for the past 15 years, as Chief Investment Officer of CSC.

Ms. Tarditi holds a Masters in Economics from the London School of Economics.

Ms. Quinn is currently responsible for the Treasury Markets Group and previously led the Macroeconomics Group as Deputy Secretary. She worked at the Bank of England for eight years until 2004.

Angelia Grant has worked at the Treasury and the IMF.

Ms. Quinn holds a Masters in Economics from the London School of Economics.

Dr. Grant is based at the IMF in Washington as Australia’s representative.

She served as an economic adviser to Liberal Treasurer Josh Frydenberg and Labor Prime Ministers Kevin Rudd and Julia Gillard.

Dr Grant was previously Head of the Macroeconomic Conditions Division at the Treasury and oversaw forecasting and modelling.

She earned a PhD in economics from the Australian National University and published academic research while working as an economist.

The name of New Zealand Treasury Secretary Caralee McLiesh has been mentioned.

Another option on the left is Dr McLiesh, who runs the New Zealand Treasury. She was Deputy Secretary to the Treasury of NSW between 2008 and 2018 and worked at the World Bank in Washington.

Dr. McLiesh began his career at the Boston Consulting Group. She holds a PhD in finance from the University of Melbourne and graduated with honors in economics from the Australian National University.

Steven Hamilton, a visiting fellow at the ANU Crawford School of Public Policy, said the RBA has traditionally been a “conservative, insular” institution, which hardly ever hires from outside.

“This is an opportunity for the RBA to open up,” Dr Hamilton said.

“There are risks with someone outside the financial markets who may not have relevant monetary policy expertise.”

“But one of the best things about US Federal Reserve Chairman Jay Powell is that he’s not an economist because he brings fresh eyes.”

The next Deputy Governor is a crucial appointment as he will be one of the main candidates to succeed Philip Lowe as Governor.

Dr Lowe’s seven-year term expires in September 2023, although his term can be extended by the government, like those of former governors Glenn Stevens and Ian Macfarlane who both served for a decade.

The Deputy Governor is a voting member of the RBA’s nine-member council.

A challenge for an outsider unfamiliar with the RBA is that the deputy governor oversees the internal operations of the bank, similar to a chief operating officer.

The bank faces external scrutiny after the election, under a coalition or Labor government.

The RBA has come under intense scrutiny in recent years – some critics say it had rates that were too high before the pandemic. Others argue that rates are now too low, after a disorderly exit from its yield curve targeting.

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