NO.105

RESERVE BANK BOARD

Mr Robert Gerard AO has today tendered his resignation as a member of the Board of the Reserve Bank of Australia (RBA) effective immediately. This was his decision.

The Government thanks him for his service over the period of his term from March 2003. He has made a statement of reasons why he decided to resign which the Government understands and respects.

Mr Roger Corbett AM has been appointed to the Board of the RBA. While it was intended that this appointment would commence upon the expiry of the term of Mr Frank Lowy AC on 9 December 2005, given that there is an immediate vacancy it will take effect immediately and the further vacancy will be filled at a later stage.

MELBOURNE
2 December 2005

Contact: David Alexander

02 6277 7340