“Bullock is the right person to lead the RBA into the future and ensure we have the world’s best and most effective central bank,” said the Australian government officials during an emergency press conference held early Friday.

That said, Australian Prime Minister Anthony Albanese and Treasurer Jim Chalmers called an emergency press conference after media reports circulated that Philip Lowe won’t have a chance for reappointment after his term expires in September 2023.

The government update also mentioned that Bullock will be the first woman to lead the RBA while also citing the empty space for RBA Deputy Governor’s place, which will be filled in the next few months. The news also mentioned that the appointment will take place from September 18, 2023.