RE-APPOINTMENT OF MS JILLIAN ROSEMARY BROADBENT TO THE BOARD OF THE RESERVE

BANK OF AUSTRALIA

I am pleased to announce the re-appointment of Ms Jillian Rosemary Broadbent

to the Board of the Reserve Bank of Australia for a term of five years, beginning

on 7 May 2003.

Ms Broadbent was educated at Sydney University and holds an honorary doctorate

degree from the University of Western Sydney. She has more than 30 years of

experience in the banking and finance sector in Australia and overseas. Ms Broadbent

has an excellent mix of management skills and financial knowledge. She had a

long and distinguished career with Bankers Trust Australia Limited.

Ms Broadbent is also a director of Woodside Petroleum, Coca-Cola Amatil, Westfield

Management, Westfield America Management and the SBS Corporation. She was named

the Qantas/Bulletin Businesswoman of the Year in 1987.

Ms Broadbent has been a very effective board member in her first term and I

believe she can continue to make a valuable contribution to discussions at the

board level.

The Board appointment is made in accordance with section 14 of the Reserve

Bank Act 1959 which provides for nine Board members including the Governor,

the Deputy Governor, the Secretary to the Department of the Treasury, and six

other members.

I take this opportunity to congratulate Ms Broadbent on her re-appointment.

CANBERRA

6 May 2003