NO.086

Appointment of Mr John Akehurst to the Reserve Bank Board

I am pleased to announce the appointment to the Reserve Bank Board of Mr John Akehurst for a period of five years.  Mr Akehurst will fill the position left vacant by Mr Hugh Morgan AC on 28 July 2007. 

Mr Akehurst is the Chairman of Alinta Ltd, and Deputy Chairman of Coogee Resources Ltd.  He has over 30 years experience in the oil and gas industry, where from 1996 to 2003 he was Managing Director of Woodside Petroleum Ltd.

Mr Akehurst is also a non-executive Director of CSL Ltd, and the University of Western Australia Graduate School of Management.  He is a consultant to RSA Consulting Pty Ltd and a senior adviser to McKinsey and Company.

Mr Akehurst has a Master of Engineering from Oxford University, and is a resident of Western Australia.

Mr Akehurst’s 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 am confident that Mr Akehurst will contribute to the ongoing sound conduct of monetary policy, which has helped to deliver an unprecedented period of economic growth, coupled with low inflation and falling unemployment.  I take this opportunity to congratulate Mr Akehurst on his appointment.

I would also like to take this opportunity to thank Mr Morgan for his valuable and extensive service to the Reserve Bank Board.  Mr Morgan served as a Board member from 15 July 1981 until 24 June 1984, and again from 14 August 1996.  Australia is indebted to Mr Morgan for his contribution to public service.

MELBOURNE

3 September 2007

Contact: Renae Stoikos – 03 9650 0244