NO.013

APPOINTMENT OF MR ROBERT GEOFFREY GERARD AO TO THE BOARD OF THE RESERVE

BANK OF AUSTRALIA

I am pleased to announce the appointment of Mr Robert Geoffrey Gerard

AO to the Board of the Reserve Bank of Australia for a term of five years.

Mr Gerard is the Chairman and Managing Director of Adelaide based Gerard Industries,

which employs more than 3300 people in Australia and manufactures and sells

Clipsal branded products throughout the world.

Mr Gerard is one of two Australian representatives on the newly established

AFTA-CER Business Council. Its role is to help reduce impediments to trade and

lower business costs in a broad range of areas between the ASEAN Free Trade

Area (AFTA) and the Australia-New Zealand Closer Economic Relations Trade Agreement

(CER).

Mr Gerard was also appointed as an Officer in the General Division of the Order

of Australia in 1999 for services to the South Australian domestic and export

industries, to youth and the community, and as a sponsor of cultural and sporting

activities. He is also chairman of the Australian Made Campaign and member of

the Prime Minister’s Community Business Partnership.

I believe that Mr Gerard will make a valuable contribution to the RBA Board

over the next five years. His extensive experience and leadership exhibited

in the manufacturing industry in Australia will be significant to discussions

at the Reserve Bank Board.

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 Mr Gerard on his appointment.

CANBERRA

25 March 2003