Reserve Bank of Australia Annual Report – 2006 Tribute to Ian Macfarlane AC

Ian Macfarlane will retire from the Reserve Bank on 17 September 2006, after a ten-year term as Governor and Chairman of the Board. At its meeting on 1 August, the Reserve Bank Board passed the following resolution:

This Board pays tribute to the immense contribution to the conduct of Australian economic policy made by Ian Macfarlane. In a career spanning more than three decades, he has demonstrated not only an outstanding intellect, but exceptional judgement. Always willing to question the conventional wisdom, he has commonly been ahead of others in identifying and responding to new economic and financial developments. As Governor of the Reserve Bank in a period in which Australia has enjoyed remarkable economic stability and prosperity in the face of considerable challenges, his record is unsurpassed by any of his international peers. Thanks to his leadership, the Reserve Bank is well placed to meet future challenges. The Board and the Reserve Bank wish him well in his future pursuits.