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Danny Gilbert appointed to RBA governance board
The chair and co-founder of one of Australia’s biggest law firms has been appointed by Treasurer Jim Chalmers to a five-year term on the new governance board for the Reserve Bank of Australia.
Jerome Doraisamy
Treasurer Jim Chalmers has unveiled two new members of the Reserve Bank’s new-look monetary board and four new members of its new governance board, including Gilbert + Tobin chair Danny Gilbert AM (pictured).
He is the co-founder of G+T, one of Australia’s largest law firms. He formerly served as its managing partner until mid-2023, when he transitioned to the chairmanship. In 2018, he won the Managing Partner of the Year category at Lawyers Weekly’s Australian Law Awards.
Gilbert brings “extensive” board experience to his new role with the Reserve Bank, the Treasurer detailed, including at NAB, the Business Council of Australia, and as chair of the National Museum of Australia. He is also the chair of the Cape York Partnership Group.
“His experience across the private and not-for-profit sectors will be invaluable on organisation and corporate governance matters,” Chalmers noted in a statement.
Speaking to Lawyers Weekly, Gilbert said: “I am honoured to be appointed to this important role at the RBA and I am looking forward to it.”
He has been appointed for a five-year term, until 28 February 2030.
Joining Gilbert on the governance board will be former Business Council head Jennifer Westacott AO, former Telstra and IBM Australia CEO David Thodey AO, and senior banking executive Swati Dave. Existing RBA board members Carol Schwartz AO and Elana Rubin AM agreed to serve on the governance board as deputy chair and member, respectively.
On the monetary policy board, existing board members Carolyn Hewson AO, Ian Harper AO, Iain Ross AO, and Alison Watkins AM will continue to serve and will be joined by Bendigo Bank former CEO Marnie Baker, and Australian National University Economics Professor Renee Fry-McKibbin.
The majority of positions on both boards, Chalmers pointed out, are set to be held by women.
The appointments, Chalmers proclaimed, implement core recommendations of the RBA Review.
“We’ve selected first-rate Australians, and we’re confident they have the right skills and experience to help lead this vital economic institution. The appointments are all about modernising the RBA to help ensure it can continue to meet our current and future economic challenges,” he said.
“I have staggered the term lengths of new appointments and extended the terms of existing external members to ensure both boards have the right balance of experience and fresh perspectives. This approach is consistent with the RBA Review recommendations.”
“These appointments follow a thorough, methodical, and considered selection process and months of detailed consultation, including with the Opposition since July.”
Chalmers further said the appointments are “one part of the biggest set of reforms undertaken at the Reserve Bank in more than three decades”.
“These changes show we can maintain a primary focus on inflation and the cost of living while we keep the reform wheels turning,” he said.
The new boards are scheduled to commence from 1 March next year.
Last week, the RBA made its final cash rate call for the year, opting to hold the cash rate at 4.35 per cent.
MORE TO COME.
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly. A former lawyer, he has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. He is also the host of all five shows under The Lawyers Weekly Podcast Network, and has overseen the brand's audio medium growth from 4,000 downloads per month to over 60,000 downloads per month, making The Lawyers Weekly Show the most popular industry-specific podcast in Australia. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of Minds Count.
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