RBA appoints Melinda Cilento to interest rate board

The Reserve Bank of Australia (RBA) has welcomed experienced economist Melinda Cilento to its Monetary Policy Board as a part-time member.

Cilento joined the board following a selection process from a shortlist of candidates by a panel with the Reserve Bank of Australia governor, Treasury secretary, and former secretary to Treasury and Department of the Prime Minister and Cabinet, Martin Parkinson AC PSM.

The decision followed consultation with the opposition.

Cilento has been the chief executive of the Committee for Economic Development of Australia for nearly nine years and has served as Commissioner at the Productivity Commission and chief economist and deputy CEO at the Business Council of Australia.

In a statement, the RBA said that Cilento’s broad perspective will be a valuable addition to the board’s deliberations.

“Ms Cilento brings extensive experience in economics, public policy and business leadership, including through senior roles across private, public and not-for-profit organisations,” the board said.

Cilento joins the board as an outgoing member. Professor Ian Harper AO ends his term on 31 August 2026 following 10 years in the role.

Harper is a professor emeritus at the University of Melbourne and a member of the ANZ advisory group at Kearney; before joining the board in 2016, he was a partner at Deloitte Australia for eight years.

“Professor Harper brought rigorous analysis, intellectual curiosity, and sound judgement to policy deliberations. The Governor thanks Professor Harper for his dedication and insights, which have greatly assisted the work of the RBA over the past decade,” the board said in a statement.

“The Government thanks outgoing member, Professor Ian Harper AO, for his commitment and contributions to the Monetary Policy Board and previously the Reserve Bank Board,” Treasury said in its statement.

Cilento will commence her five-year term on the board on 1 September 2026.

“This appointment will help ensure the Board has the right mix of skills and perspectives,” Treasury said.

This follows the RBA’s decision to leave its cash rate on hold at 4.35 for the July quarter, after June Consumer Price Index (CPI) data came in below the RBA’s expectations.

Economists told Accountants Daily that the hold was the least-worst option, as they predict further cash rate hikes.