Glenn Stevens

Glenn Stevens
Born	(1958-01-23) January 23, 1958 Sydney, Australia
Occupation	Economist
Years active	1970s–present
Known for	Governor of the Reserve Bank of Australia (2006–2016), Chair of Macquarie Group Limited and Macquarie Bank (since 2021)

Glenn Robert Stevens (born 23 January 1958) is an Australian economist who held the position of Governor of the Reserve Bank of Australia from 2006 until 2016.

Early life and education

Stevens was born in Sydney in 1958 and completed a Bachelor of Economics with first-class honours at the University of Sydney in 1979. He pursued further studies at the University of Western Ontario, earning a Master of Arts. Additionally, he was awarded honorary degrees: a Doctorate of Laws from the University of Western Ontario in 2014 and a Doctor of Science in Economics from the University of Sydney in 2016.

Career

Prior to 1990, Stevens occupied several roles within the Reserve Bank of Australia. He spent time as a Visiting Scholar at the Federal Reserve Bank of San Francisco before returning to the RBA, where he directed both the Economic Analysis and International Departments. From 1996 to 2001, he served as Assistant Governor (Economic), followed by his appointment as Deputy Governor in December 2001, preceding his eventual promotion to Governor.

Reserve Bank of Australia Governor

After Ian Macfarlane retired in September 2006, Stevens was named Governor of the Reserve Bank of Australia. He continued the operational framework established by Macfarlane, preserving the institution’s autonomy from government intervention, maintaining the inflation target range of 2–3%, and upholding transparency in monetary policy decisions.

In early 2008, anticipating inflationary trends, Stevens increased the official interest rate by 50 basis points, a move that was met with criticism from The Daily Telegraph. As the global financial crisis escalated later that year, he guided the RBA board through successive interest rate reductions totaling 300 basis points by December, bringing rates back to levels last seen in mid-2002. By August 2013, the cash rate had been lowered to 2.5%, reflecting factors such as subdued economic growth below trend, a robust Australian dollar, and a soft labor market.

In May 2016, the RBA further decreased the cash rate to 1.75%, attributing this to unexpectedly low inflation caused by weak growth in labor costs and minimal external price pressures. These adjustments were part of a deliberate strategy to preserve economic stability amid shifting market dynamics.

Macquarie Bank Chair of the Board

In December 2021, Stevens assumed the role of Chair for both Macquarie Group Limited and Macquarie Bank, succeeding Peter Warne in this leadership capacity.

Personal life

A committed Christian, Stevens actively participates as a guitarist at his local Baptist Church and regards his professional career as closely connected to his faith. He has predominantly resided within Sydney’s Sutherland Shire area, specifically in Sylvania Waters. Stevens is also an experienced recreational pilot holding a Commercial Pilot Licence with Command Instrument Rating; he owns a Beechcraft Baron G58 and volunteers his flying skills for Angel Flight charity missions.

In recognition of his outstanding leadership within financial and central banking domains, innovative contributions to monetary policy, involvement in international financial regulation, and community service efforts, he was appointed Companion of the Order of Australia in 2016.

External links

• Transcript of Glenn Stevens' speech on economic conditions and prospects 2006 Address delivered at the Annual Forecasting Conference Dinner hosted by Australian Business Economists and the Economic Society of Australia (NSW Branch).