The Reserve Bank is working on making an interim appointment to the committee.<\/p>\n
Permanent appointments won\u2019t be made before the election because the convention is for significant appointments not to be made within three months of an election. <\/p>\n
Monetary Policy Committee members are appointed by the Finance Minister on the recommendation of the Reserve Bank board.<\/p>\n
As well as being on the Monetary Policy Committee, Silk is an assistant governor responsible for money.<\/p>\n
Governor Anna Breman said this role would split in two, so that one assistant governor was responsible for monetary policy and another for payments and cash.<\/p>\n
The assistant governor responsible for monetary policy will join the Monetary Policy Committee.<\/p>\n
Recruitment for these two roles will begin shortly. <\/p>\n
\u201cThese changes maintain clear leadership of our core functions while positioning the bank well for the future,\u201d Breman said. <\/p>\n
\u201cKaren will continue to lead her portfolio through December and we have plans in place to ensure an orderly handover and continuity of decision-making.\u201d<\/p>\n
Having spent much of her career in senior roles at Westpac before joining the Reserve Bank, Silk often speaks to how<\/a> the Official Cash Rate (OCR), wholesale interest rates and competitive factors collectively affect retail interest rates.<\/p>\n She oversaw a bold proposal<\/a> for banks to be made to set up as many as 3000 free-to-use ATMs throughout the country to improve people\u2019s access to cash services.<\/p>\n The proposal, which banks criticised for being over-the-top, has since been watered down. Banks are now working with the Reserve Bank on a more workable solution to ensure people across the country can more easily withdraw, deposit and exchange cash.<\/p>\n Ian Woolford \u2013 the Reserve Bank\u2019s director of money and cash, who sat below Silk and helped lead the consultation \u2013 retired in July<\/a> after more than 30 years at the bank.<\/p>\n Breman, who started at the Reserve Bank shortly before the consultation was distributed, only saw a draft before it was sent out.<\/p>\n