NO.039

RE-APPOINTMENT OF MR HUGH MORGAN TO THE BOARD OF THE RESERVE BANK OF AUSTRALIA

I am pleased to announce the re-appointment of Mr Hugh Morgan to the Board

of the Reserve Bank of Australia for a term of five years, beginning on 29 July

2002.

Mr Morgan is Managing Director and Chief Executive Officer of WMC Limited and

a Director of Alcoa of Australia and the Business Council of Australia. He is

also a member of a number of industry bodies and organisations, both domestic

and international. In 1987, Mr Morgan received the Officer in the Order of Australia

(AO) for his services to the minerals industry and the arts. In this year’s

Queen’s Birthday Honours, Mr Morgan was awarded the Companion in the Order of

Australia (AC) for service to business, trade and sustainable development and

cultural and educational research activities.

Mr Morgan has made a valuable contribution to the RBA Board over the past five

years. His extensive experience, leadership and sound judgement in the pursuit

of the national interest have been critical to the deliberations of 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 Morgan on his re-appointment.

Melbourne

24 July 2002

Media Contact: Dave Alexander (03) 9650 0244