NO.054

RE-APPOINTMENT OF MR FRANK LOWY AC TO THE BOARD OF THE RESERVE BANK

OF AUSTRALIA

I am pleased to announce the re-appointment of Mr Frank Lowy AC to the Board

of the Reserve Bank of Australia from 27 June 2003 to 9 December 2005.

Mr Lowy has been a member of the RBA Board since 1995. This is his third term

on the Reserve Bank Board.

Mr Lowy is a co-founder and Chairman of the shopping centre company Westfield

Holdings Ltd; a Director of the UK public company Daily Mail and General Trust

plc; and a member of the Scripps Research Institute Board of Trustees.

Mr Lowy is also the founder and Chairman of the Lowy Institute for International

Policy, a think-tank undertaking policy-oriented research and analysis about

the world from an Australian perspective.

Mr Lowy has been an active Board member over the past eight years, contributing

vigorously to the Board’s deliberations. His far-reaching experience and knowledge

have proven to be a great asset to the 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 Lowy on his re-appointment.

CANBERRA

25 June 2003

Contact: David Alexander

02 6277 7340