Glenn Stevens
| Glenn Stevens | |
|---|---|
 |
|
| 7th Governor of the Reserve Bank of Australia | |
| Incumbent | |
| Assumed office 18 September 2006 |
|
| Nominated by | Peter Costello |
| Preceded by | Ian Macfarlane |
| Personal details | |
| Born | 23 January 1958 Sydney, Australia |
| Nationality | Australian |
| Alma mater | B.Ec. (Hons), University of Sydney M.A., University of Western Ontario |
| Profession | Economist |
Glenn Robert Stevens (born 23 January 1958) is an Australian economist and the current Governor of the Reserve Bank of Australia.
Contents |
[edit] Biography
[edit] Early life and education
Stevens was born in Sydney in 1958. He was educated at the University of Sydney from which he received the degree of Bachelor of Economics with first class honours in 1979. He subsequently obtained a Masters degree from the University of Western Ontario.
[edit] Career
After holding various positions in the Bank prior to 1990, he accepted a position as Visiting Scholar at the Federal Reserve Bank of San Francisco.
Subsequently, Stevens held positions as Head of the Economic Analysis Department, the Head of the International Department, and was Assistant Governor (Economic) from 1996 to 2001, prior to his appointment as Deputy Governor in December 2001.
[edit] RBA Governor
He replaced Ian Macfarlane who retired in September 2006, after 10 years as governor of the Reserve. Stevens is committed to the style of operation of the Reserve established under Ian Macfarlane; the independence of the Reserve, the 2-3% inflation target over the course of the economic cycle, and the accountability of the Reserve when the decision is made to change interest rates.[citation needed]
Early in 2008 Stevens announced an official interest rate rise by 50 basis points, predicting ongoing inflation pressures. This drew strong criticism from The Daily Telegraph newspaper.[1][2][3][4] As the Global financial crisis of 2008–2009 progressed, Stevens announced large cuts to the official rate. It was discovered that high interest rates had contributed to halting economic growth in September.[5] By the end of 2008, the Reserve Bank board, chaired by Stevens, had cut interest rates a total of 300 basis points, returning them to mid-2002 levels.[6]
[edit] Personal life
Stevens is a committed Christian, and plays the guitar at his local Baptist Church. He has spent most of his life living in the Sutherland Shire. He is also a recreational pilot with Commercial Pilot License (CPL) and Command Instrument Rating (CIR). He owns a Piper PA-34 Seneca.
[edit] References
[edit] External links
- Biographical Summary of Glenn Stevens on the Reserve Bank of Australia's website
- Transcript of Glenn Stevens' speech on economic conditions and prospects 2006 Address to the Australian Business Economists and the Economic Society of Australia (NSW Branch) Annual Forecasting Conference Dinner.
| Preceded by Ian Macfarlane |
Governor of the Reserve Bank of Australia 2006 - present |
Succeeded by Incumbent |
