UNSW professor appointed to the RBA board

Preston is a professor of economics at UNSW, researching macroeconomic theory and policy and was previously a senior adviser at the RBA and Treasury.

He will be replacing outgoing board member Alison Watkins AM, who will conclude her term on 28 February 2026. In a statement, the RBA said that Watkins “brought thoughtful judgement and a deep appreciation of the challenges facing households, businesses and the broader economy”.

The RBA added that Professor Preston brings a deep understanding of economics and monetary policymaking through a distinguished academic career and public policy experience, which will “assist him to make a significant contribution to the Board’s deliberations”.

In a statement, Treasurer Jim Chalmers said that Professor Preston is one of the country's “most highly respected and experienced macroeconomists” and that he will succeed on the board.

RBA governor Michele Bullock thanked outgoing member Watkins for her service, saying that her “dedication and contribution” have “strengthened the work of the RBA through a period of significant change”.

The treasury said: “The Government is ensuring Australia’s key economic and financial institutions are strong and well‑led in an era of global economic uncertainty.”

“The Government is ensuring Australia’s key economic and financial institutions are strong and well‑led in an era of global economic uncertainty,” it added.

The RBA’s monetary policy board currently comprises its chair, Michele Bullock, deputy chair Andrew Hauser, non-executive members Marnie Baker AM, Renée Fry-McKibbin, Ian Harper AO, Carolyn Hewson AO, Iain Ross AO, Alison Watkins AM, and ex officio member Jenny Wilkinson PSM.

This news comes following the RBA’s cash rate call of 3.85 per cent this month, the first hike in two years since November 2023.