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RBA deputy governor Guy Debelle resigns

Reserve Bank of Australia deputy governor Guy Debelle will resign from the post next week to take up a corporate sector role.

Dr Debelle will step down on March 16 ahead of becoming chief financial officer of Fortescue Future Industries in June.

He has worked at the RBA for 25 years, often speaking about the opportunities for business to address climate change.

Dr Debelle was due to end his term in September 2026.

“This new position gives me the opportunity to make a significant contribution in this area,” he said in a statement on Thursday.

“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.”

Fortescue chair and founder Andrew Forrest said bringing in someone of Dr Debelle’s economic credibility goes to the heart of his company’s vision.

“Not only are we committed to arresting climate change, we are also committed to creating economic growth, increasing jobs and growing our business profitability,” Dr Forrest said.

RBA governor Philip Lowe thanked his deputy for his outstanding service to the central bank.

“He has made major contributions to monetary policy, to financial market operations and to the management of the bank,” Dr Lowe said.

Treasurer Josh Frydenberg said Dr Debelle’s replacement will be announced in due course.

He also thanked Dr Debelle for his outstanding contribution to the RBA over nearly three decades, including the past six as deputy governor.

“Dr Debelle has provided strong economic leadership and helped steer the RBA board’s response to the COVID-19 pandemic,” Mr Frydenberg said.

Shadow treasurer Jim Chalmers said he had worked with Dr Debelle in previous roles and seen first hand his commitment to the economic national interest and dedication to his responsibilities.

“On multiple occasions he’s been asked to help shepherd our economy through tumultuous times and he’s done that professionally and with great skill,” Dr Chalmers said.

He said the vacancy created by Dr Debelle’s departure represents an important opportunity for renewal, and to promote more women into the most senior ranks in particular.

“Federal Labor expects to be properly consulted on this appointment, especially given the proximity to the election,” Dr Chalmers said.

“We have the utmost respect for the Reserve Bank, the governor and his team, and we seek to play a constructive role in the personnel decisions taken following Dr Debelle’s departure.”

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