The Reserve Bank of Australia (RBA) has appointed Andrew Hauser from the Bank of England (BoE) to be the new deputy governor.

The role has not been filled since Michele Bullock became governor two months ago, Reuters reports.

The Bank of England’s executive director of markets, Hauser, is set to start his five-year term before the central bank’s first board meeting of 2024.

“I am humbled and deeply honoured to be asked to serve as the RBA’s next deputy governor. I look forward to working closely with Michele Bullock, her senior team and the talented staff of the RBA to serve the Australian people, and to make a reality of the recommendations in the RBA Review,” Hauser stated.

The RBA appointing an external candidate to this senior leadership role is the government’s latest move to revitalise the institution following a review that advised extensive changes.

In addition, Australia’s government is due to introduce legislation this week to allow the bank’s independent expert members greater responsibility for setting rates with a new specialist monetary policy board, the Reuters report adds.

Furthermore, Treasurer Jim Chalmers said on Monday that the appointment of Hauser as deputy governor would help ensure the country’s central bank is ready for present and future economic challenges.

“His appointment strikes the right balance between providing deep central banking experience and offering a fresh, global perspective to the work of the RBA,” Chalmers said.

Meanwhile, governor Michele Bullock stated: “I warmly congratulate Andrew on his appointment. He has great experience and will bring a welcome external perspective to the Bank and the Reserve Bank Board.”