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RBA deputy governor Debelle resigns 

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Guy Debelle said that he would leave the Reserve Bank of Australia on March 16th to join forces with Fortescue Future Industries.

The move came as a surprise as Dr. Debelle was the next most likely candidate to take over as governor of the RBA, which could have happened as soon as 2023.

Dr Debelle played a crucial role in the extraordinary monetary policy responses to the COVID-19 economic crisis and the 2008 global financial crisis. In 2019 he also publicly warned of the economy dangers posed by climate change.  

It is believed that his decision to leave suddenly was spurred on because the market is trying to push for an interest rate increase, as commodity prices continue to climb around the nation on and top of this interest rates have been at a record low of 0.1% so an interest rate increase is inevitable.

Federal Treasurer Josh Frydenberg has said that a new treasurer will be announced 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.”

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