Climate change and central banks

In her last speech as Deputy Governor of the RBA, Michele will discuss the RBA's work on climate change and the transition to net zero emissions, recognising the range of implications for the economy, the financial system, and society more broadly.

The RBA's work includes understanding how more frequent, severe, or protracted weather events and the global transition to net zero emissions will affect variables key to the setting of monetary policy, such as inflation, output and the neutral interest rate. The RBA also has a role in monitoring how climate change affects financial stability, partly through its impact on banks and insurers. Furthermore, as a member of the Council of Financial Regulators, the RBA supports the development of frameworks that enable financial markets to manage climate risks and opportunities.

About the presenter

Michele Bullock

Michele has been appointed as Governor of the RBA for a seven-year term, commencing 18 September 2023. She was appointed to the position of Deputy Governor at the RBA in 2022. She is also the Deputy Chair of the RBA Board, the Deputy Chair of the Payments System Board, and a member of Chief Executive Women.

Leading to her current role, Michele held a variety of senior management positions in the RBA: Assistant Governor (Financial Systems); Assistant Governor (Business Services); Assistant Governor (Currency); Adviser for the Currency Group; and Head of Payments Policy Department. She did a Bachelor of Economics (Honours) at the University of England, and a Master of Science at the London School of Economics.