RBA Monetary Policy Board Gains New Voice Amid Stubborn Inflation

The Reserve Bank of Australia's (RBA) Monetary Policy Board has gained a new external voice as it navigates stubborn inflation and cooling demand. Melinda Cilento, an economist and public-policy leader, joins the board for a five-year term beginning September 1, replacing outgoing member Professor Ian Harper.

Cilento brings extensive experience in economics, public policy, and business leadership, having held senior roles across private, public, and not-for-profit organisations. Her appointment follows a selection process that included consultation with the opposition and a shortlist prepared by RBA governor Michele Bullock, Treasury secretary Jenny Wilkinson, and former Treasury and Department of the Prime Minister and Cabinet secretary Martin Parkinson.

The Treasurer, Jim Chalmers, said Cilento's background would complement the board's existing mix of expertise as it tackles elevated inflation and softer economic conditions. The appointment will add a perspective formed across private, public, and not-for-profit leadership roles, according to the RBA.