The Governor, Philip Lowe, is pleased to announce the appointment of Michelle McPhee to the position of
Assistant Governor (Business Services) at the Reserve Bank of Australia. The Bank considered a
competitive field of internal and external candidates for the role, which will become vacant on the
retirement of Lindsay Boulton in February 2021.
Ms McPhee is currently the Head of Banking at the Reserve Bank of Australia, a role she has held for
the last four years. She spent six years as the Head of Risk and Compliance and, prior to that, held a
number of senior management positions at the Bank primarily in financial market operations. She is
currently a non-executive director of the Australian Payments Network, deputy chair of Note Printing
Australia and chair of both organisations’ audit and risk committees. Ms McPhee joined the Bank in
Ms McPhee has a Bachelor of Business from the University of Technology, Sydney and is a graduate of the
Australian Institute of Company Directors.
Ms McPhee will take up her position on 1 March 2021. In this role she will oversee the Bank’s
Banking, Note Issue and Payments Settlements departments. The Group has responsibility for providing
banking services to the Australian Government, distributing Australia’s banknotes, and operating
Australia’s payments infrastructure.