NO.106

APPOINTMENT OF MR ROGER CORBETT AM TO THE BOARD OF THE RESERVE BANK OF AUSTRALIA

I am pleased to announce the appointment of Mr Roger Corbett AM to the Board of the Reserve Bank of Australia (RBA) for a term of five years, from 2 December 2005.

Mr Corbett is the Chief Executive Officer and Group Managing Director of Woolworths Limited. He is also a member of the Boards of Woolworths Limited, Fairfax Holdings Limited and the CEIS Food Business Forum.

Mr Corbett was appointed as a Member in the Order of Australia (AM) in June 2003, for service to the retail industry, particularly as a contributor to the development of industry policy and standards, and to the community.

Mr Corbett was educated in Sydney, completing a Bachelor of Commerce at the University of New South Wales. He subsequently completed the Stanford University Management Course and in 2004 was awarded an Honorary Doctorate of Business from the University of Southern Queensland in recognition of his outstanding leadership in the Australian business community and commitment to the development of business skills, ethical principles and social responsibilities in young people.

I believe that Mr Corbett will make a valuable contribution to the Reserve Bank Board over the next five years. His extensive experience and leadership exhibited in the retail sector in Australia will be valuable to discussions at the Board.

The 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 Corbett on his appointment.

MELBOURNE
2 December 2005

Contact: David Alexander

02 6277 7340