NO.075

REAPPOINTMENT OF PROFESSOR WARWICK MCKIBBIN TO THE BOARD OF THE RESERVE BANK OF AUSTRALIA

I am pleased to announce the reappointment of Professor Warwick McKibbin to the Board of the Reserve Bank of Australia for a further term of five years, from 31July2006 to 30July2011.

Professor McKibbin has been a member of the Reserve Bank Board since 2001, and this will be his second term on the Board. Professor McKibbin currently holds a number of positions with the Australian National University, including: Executive Director of the Centre for Applied Macroeconomic Analysis; Professor of International Economics in the Research School of Pacific and Asian Studies; and Adjunct Professor at the Australian Centre for Economic Research on Health. He is also a Senior Fellow of the Brookings Institute in the United States and a Senior Fellow of the Lowy Institute for International Policy. Professor McKibbin was also recently appointed to the Government’s Taskforce on Uranium Mining Processing and Nuclear Energy in Australia.

Professor McKibbin has been a very effective Board member over the past five years, and his experience and knowledge have proven to be a great asset to the Board. With his highly respected academic credentials and broad experience in domestic and international macroeconomics, I believe Professor McKibbin will continue to make a valuable contribution to the Reserve Bank Board.

This reappointment 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 Treasury and six other members.

I take this opportunity to congratulate Professor McKibbin on his reappointment.

CANBERRA

30 July 2006

Contact: David Gazard (0428) 405 107