Australia on Monday appointed the Bank of England’s Andrew Hauser as the new deputy governor of the Reserve Bank of Australia (RBA). This appointment fills the vacancy left when Michele Bullock assumed the top role two months ago.

Andrew Hauser, who currently serves as the executive director of markets at the Bank of England, is anticipated to commence his five-year term as the new deputy governor of the Reserve Bank of Australia before the upcoming first RBA board meeting next year.

“I am humbled and deeply honored to be asked to serve as the RBA’s next Deputy Governor,” said Hauser, who is British and has 30 years of experience at the BoE. “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.”

Andrew Hauser holds a master's degree in economics from the London School of Economics and a degree from Oxford University.

The selection of an external candidate for a senior leadership position at RBA is the government's most recent step in overhauling the decade-old institution, following comprehensive recommendations for substantial changes from a review.

Additionally, the government plans to introduce legislation this week that would establish a governance board, setting the stage for further reforms in the coming year.

Treasurer Jim Chalmers on Monday stated that the appointment of Hauser would contribute to ensuring that Australia possesses the most effective central bank capable of addressing both present and future economic challenges.

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

Michele Bullock expressed approval and welcomed the appointment. “I warmly congratulate Andrew on his appointment,” Bullock said. “He has great experience and will bring a welcome external perspective to the Bank and the Reserve Bank Board.”

The quotes used in this piece were extracted from CNBC.