Michele Bullock to become next RBA governor
The decision to replace Philip Lowe follows criticism of his messaging around rises in the cash rate
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The Federal Government has announced that Michele Bullock will replace Philip Lowe as governor of the Reserve Bank of Australia. She will be the ninth governor and the first woman appointed to the role in the central bank’s 62-year history. Treasurer Jim Chalmers said in a press conference today that Ms Bullock will take on the role from September 18 following a consultative process with cabinet, the business community and the opposition.
The news that Philip Lowe will step down comes after 14 months and 12 interest rate hikes that have taken some borrowers off guard. However, Mr Chalmers was careful to thank Dr Lowe for his work over a long career.
“We thank Phil Lowe for more than four decades of dedication and commitment and service to the country,” Mr Chalmers said. “He goes with our respect and gratitude and dignity. I have really valued my working relationship with Phil. He is a terrific guy and he has handled himself impeccably.”
While most central banks around the world failed to predict the persistent inflation rises, most analysts point to Dr Lowe’s messaging around potential interest rate increases as sealing his fate. Prior to the rises in the cash rate that started in May 2022, Dr Lowe had told borrowers that interest rates would remain steady until 2024, leading many to believe that it was a safe time to borrow. Instead, repayments for an average mortgage have risen by $1,264 since increases began. At least 25 percent of mortgage holders are now believed to be experiencing mortgage distress.
Speculation has been rife for weeks now that Dr Lowe’s tenure would not be extended and three front runners had emerged including Treasury secretary Steven Kennedy and Finance Department secretary Jenny Wilkinson. However, Opposition Leader Peter Dutton said he would not support candidates with close ties to government. Ms Bullock is perceived as a more independent choice. Mr Chalmers described the Michele Bullock as a “first class economist”.
“This is the right call but it is not an easy call,” he said. “This is one of the most important appointments that we will make as a government,” he said.
Prime Minister Anthony Albanese described Ms Bullock as “imminently qualified”.
“Michele Bullock is an accomplished economist with wide experience at the Reserve Bank,” he said. “I very much congratulate Michele Bullock on this appointment.”
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Mount French Lodge offers a rare mix of privacy, scale and hospitality potential as demand grows for prestige estates beyond beachside hotspots.
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Mount French Lodge, one of the most remarkable private estates in Queensland’s Scenic Rim, has been brought to market, offering a glimpse into the growing appetite for high-end lifestyle properties beyond the state’s traditional beachside enclaves.
Located in the tiny locality of Charlwood, around 100km inland from Brisbane and home to just 146 residents at the 2021 Census, the estate stands in stark contrast to its quiet surroundings. Set across nearly 100 acres and positioned some 600 feet above sea level, the property occupies a commanding vantage point beneath the escarpments of Mount French.
It’s this combination of elevation, scale and seclusion that defines the estate, not just as a private residence, but as an experience-led destination. Mount French Lodge has been recognised in both the 2024 and 2025 Best of Queensland Experiences, reflecting a broader shift towards luxury rural retreats that blur the line between home, hospitality and investment.
Last sold for $3.65 million in 2021 to Brisbane-based entrepreneur Tim Woodhouse, the estate has since evolved into a multifaceted holding. At its core is a central lodge, complemented by guest accommodation, entertaining spaces and resort-style amenities spread across two distinct plateaus.
In total, the property comprises 12 bedrooms configured across eight self-contained apartments within multiple lodges. At its heart is the Great Room, a central gathering space anchored by a large living area and fireplace. Nearby, a fully equipped outdoor pavilion with barbecue facilities sits alongside the estate’s swimming pool.
The property is being marketed as a private compound, ranch, corporate retreat and a wedding venue, highlighting its potential as a lifestyle asset with income-generating capability. This kind of flexibility is increasingly resonating with buyers, particularly as demand grows for properties that can serve as multigenerational homes, wellness retreats or boutique accommodation offerings.
Despite its sense of isolation, Mount French Lodge remains within relatively easy reach of Brisbane, around an hour by road or just minutes by helicopter. That balance of accessibility and privacy underscores the broader appeal of the Scenic Rim, which continues to emerge as a quiet achiever in Queensland’s prestige property market.
The listing is being handled by Queensland Sotheby’s International Realty agents Sandy Davies and Nicholas Miranda, and is expected to attract interest from both domestic and international buyers.
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