Treasurer Scott Morrison has appointed Allan Moss to the board of the Reserve Bank of Australia.
Moss was CEO at Macquarie Bank for 15 years until he retired in May 2008, just before the global financial crisis came to a head with the collapse of Lehman Brothers the following September.
Moss, who replaces Roger Corbett, will be among the small group that deliberates monthly on Australia’s central bank policy, including the setting of the official interest rate.
The financial sector has been under close attention from the Reserve Bank this year. The RBA has expressed some concern about the levels of investment property lending has been working closely with the banking regulator, APRA, on managing a cooling of the property markets in Sydney and Melbourne.
Moss has built a strong reputation in the private equity industry in his role as an adviser to Anchorage Capital, which famously bought Dick Smith from Woolworths for under $100 million and later floated it on a valuation of more than half a billion.
Catherine Tanna, the MD of EnergyAustralia, has been reappointed to the board.
The announcement, from Morrison:
I am pleased to announce the appointment of Mr Allan Moss AO as a part-time member to the Reserve Bank Board for a five-year period.
Mr Moss possesses a strong financial markets background and was previously the Managing Director and CEO of Macquarie Group Limited. Mr Moss is a Principal of Allan Moss Pty Ltd and an advisor of the investment firms Evans and Partners and the investment firm Anchorage Capital Partners. I congratulate Mr Moss on his appointment.
I am also pleased to announce the re-appointment of Ms Catherine Tanna as a part-time member of the Reserve Bank Board for a further five-year period from 30 March 2016 up to and including 29 March 2021. Ms Tanna was originally appointed to the Board in 2011.
Ms Tanna is an experienced senior executive with an extensive understanding of the gas and energy sector, having undertaken various commercial roles in Australia and overseas at BHP Petroleum and Royal Dutch Shell. She is currently Managing Director of EnergyAustralia. Ms Tanna previously held senior positions at QGC, BG Group plc Australia and Shell Gas & Power.
These appointments are made in accordance with section 14 of the Reserve Bank Act 1959, which provides for nine Board members – the Governor, the Deputy Governor, the Secretary to the Treasury and six other members.
I congratulate Mr Moss and Ms Tanna on their appointments and also thank Mr Roger Corbett AO for his valuable contributions over ten years to the deliberations of the Reserve Bank Board.