Glenn Robert Stevens (born 23 January 1958) is an
AustraliaAustralia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the continental mainland , the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans...
n
economistAn economist is an expert in the social science of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
and the current Governor of the Reserve Bank of Australia.
Stevens was born in Sydney in 1958. He was educated at the
University of SydneyThe University of Sydney is the oldest university in Australia. It was established in Sydney in 1850. It is a member of Australia's "Group of Eight" universities that are highly ranked in terms of their research performance...
from which he received the degree of Bachelor of Economics with first class honours in 1979. He subsequently obtained a Masters degree from the
University of Western OntarioThe University of Western Ontario is a public research university located in London, Ontario. It was founded in 1878 by Bishop Isaac Hellmuth of Bishop's University and the Anglican Diocese of Huron as The Western University of London Ontario.Huron College, established in 1863 as an Anglican...
.
After holding various positions in the Bank prior to 1990, he accepted a position as Visiting Scholar at the
Federal Reserve Bank of San FranciscoThe Federal Reserve Bank of San Francisco is the federal bank for the twelfth district in the United States. The twelfth district is made up of nine western states—Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington— plus the Northern Mariana Islands, American Samoa,...
.
Subsequently, Stevens held positions as Head of the Economic Analysis Department, the Head of the International Department, and was Assistant Governor (Economic) from 1996 to 2001, prior to his appointment as Deputy Governor in December 2001.
He replaced
Ian MacfarlaneIan John Macfarlane, AC , Australian economist, and Governor of the Reserve Bank of Australia , Australia's central bank, from 1996 to 17 September 2006...
who retired in September 2006, after 10 years as governor of the Reserve. Stevens is committed to the style of operation of the Reserve established under Ian Macfarlane; the independence of the Reserve, the 2-3% inflation target over the course of the economic cycle, and the accountability of the Reserve when the decision is made to change interest rates.
Stevens is serving a 7 year term, which started on 18 September 2006.
Early in 2008 Stevens announced an official interest rate rise by 50 basis points, predicting ongoing inflation pressures. This drew strong criticism from
The Daily TelegraphThe Daily Telegraph is an Australian tabloid newspaper published in Sydney, New South Wales and country NSW, by Nationwide News, part of News Corporation...
newspaper. As the Global financial crisis of 2008–2009 progressed, Stevens announced large cuts to the official rate. It was discovered that high interest rates had contributed to halting economic growth in September. By the end of 2008, the Reserve Bank board, chaired by Stevens, had cut interest rates a total of 300 basis points, returning them to mid-2002 levels.
Personal life
Stevens is a committed Christian, and plays the guitar at his local Baptist Church. He has spent most of his life living in the
Sutherland ShireThe Sutherland Shire, is a Local Government Area in the Southern Sydney region of Sydney, Australia. Geographically, it is the area to the south of Botany Bay and the Georges River. The administrative centre of the local government is located in the suburb of Sutherland, with council chambers...
. He is also a recreational pilot with Commercial Pilot License (CPL) and Command Instrument Rating (CIR). He owns a Piper PA-34 Seneca.
External links