The Albanese government has announced a new appointment to the central bank’s monetary policy board, replacing outgoing member Alison Watkins AM.
Professor Bruce Preston is set to become a part-time member of the Reserve Bank of Australia’s (RBA) monetary policy board, with the Albanese government’s latest appointment bringing a fresh perspective ahead of March’s cash rate decision.
A former senior adviser to both Treasury and the RBA, Preston currently serves as a professor of economics at the University of NSW.
His five-year term on the board will commence on 1 March 2026, ahead of the RBA’s next monetary policy meeting due later that month (16-17 March 2026)
Preston replaces outgoing board member Alison Watkins AM, whose term ends this year.
In a statement, Treasurer Jim Chalmers said the appointment had followed a “considered selection process, including consultation with the Opposition,” based on advice from a panel comprising the Treasury secretary, the RBA governor, and former Treasury and Department of the Prime Minister and Cabinet secretary Martin Parkinson AC PSM.
“Professor Preston is one of Australia’s most highly respected and experienced macroeconomists and he will do an excellent job on the Monetary Policy Board,” he added.
“The RBA is a vital economic institution and we are making sure it has the right mix of skills and expertise to meet Australia’s economic challenges.”
New board makeup
The past 12 months have seen several shake-ups at the central bank, partly off the back of the wide-ranging review, An RBA fit for the future, which delivered 51 recommendations accepted by the government.
One of the most notable decisions was to implement a two-board structure, with one board setting the cash rate and another concerned with governance.
Considered one of the most significant reforms in the RBA’s history, the new two-board structure has been in effect since 1 March 2025.
The RBA has also started publishing details of how members of the Monetary Policy Board voted in rate decisions as part of efforts to improve transparency.
For instance, the central bank revealed members had voted unanimously in favour of a hike at its latest meeting in February, when it decided to hike the cash rate by 25 basis points.
In addition to Watkins, the current Monetary Policy Board comprises:
- Michele Bullock, chair and governor
- Andrew Hauser, deputy chair and deputy governor
- Marnie Baker AM, non-executive member
- Renée Fry-McKibbin, non-executive member
- Ian Harper AO, non-executive member
- Carolyn Hewson AO, non-executive member
- Iain Ross AO, non-executive member
- Jenny Wilkinson PSM, ex-officio member (secretary to the Australian Treasury)
The next cash rate decision will be announced at 2:30 pm on 17 March 2026, following the board’s 16–17 March meeting.
[Related: Bullock warns inflation ‘too strong’ as RBA lifts CPI forecast]
