Ian Macfarlane (economist)

From Wikipedia, the free encyclopedia

For the politician, see Ian Macfarlane (politician).

Ian Macfarlane (born 22 June 1946), Australian economist, and Governor of the Reserve Bank of Australia (RBA), Australia's central bank, from 1996 to September 17, 2006. He is also former Chairman of the Payments System Board of the Reserve Bank and Chairman of the Council of Financial Regulators.

Macfarlane was educated at Monash University, Melbourne and tutored in economics there before joining the RBA in 1970. From 1971–72 he worked at the Institute of Economics and Statistics at Oxford University. Following this, he then moved to the Organization for Economic Co-operation and Development in Paris, where he served until 1978, before returning to the RBA. He became head of the bank's Research Department in 1988, Assistant Governor (Economic) in 1990, Deputy Governor in 1992 and Governor in 1996.

In January 2004 Macfarlane was awarded Australia's highest honour, Companion in the General Division of the Order of Australia (AC). He was honoured "for service to the stabilisation of the Australian financial system, to central banking, and to the operation of monetary and economic policy in both domestic and international spheres."

Macfarlane ended his stint as Governor on September 17, 2006 after 10 years presiding over Australia's economic boom. He was replaced by Glenn Stevens. The Treasurer at that time, Peter Costello, said of Macfarlane: "Ian Macfarlane has been an exceptionally successful governor of the Reserve Bank ... And when history of the last 10 years is written, it will show as one of, if not the greatest periods of economic management in Australian history."[1]