Re-appointment of Mr Frank P. Lowy AC to the Board of the Reserve

Bank of Australia

I am pleased to announce the re-appointment of Mr Frank P. Lowy

AC to the Board of the Reserve Bank of Australia.

Mr Lowy is a co-founder and Chairman of Westfield Holdings Ltd; a Director

of the UK public company Daily Mail and General Trust plc; and a member

of the International Council of Shopping Centres.

Mr Lowy, who received Australias highest civilian honour being made

a Companion in the General Division of the Order of Australia in this

years Australia Day honours, has been a member of the Reserve Bank Board

since 1995. Over this time, Mr Lowys business acumen and wide-ranging

experience and community involvement have enabled him to make a significant

contribution to the deliberations of the Reserve Bank Board.

I take this opportunity to thank Mr Lowy for his valuable contribution

to the deliberations of the Reserve Bank Board and to congratulate him

on his re-appointment.

CANBERRA

22 June 2000