Ian Macfarlane (economist)
Encyclopedia
- For the politician, see Ian Macfarlane (politician)Ian Macfarlane (politician)Ian Elgin Macfarlane , is an Australian politician. He was elected as a member of the Australian House of Representatives in October 1998, representing the Division of Groom, Queensland for the Liberal National Party...
.
Ian John Macfarlane, AC
Order of Australia
The Order of Australia is an order of chivalry established on 14 February 1975 by Elizabeth II, Queen of Australia, "for the purpose of according recognition to Australian citizens and other persons for achievement or for meritorious service"...
(born 22 June 1946), Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
n economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
, and Governor of the Reserve Bank of Australia
Reserve Bank of Australia
The Reserve Bank of Australia came into being on 14 January 1960 as Australia's central bank and banknote issuing authority, when the Reserve Bank Act 1959 removed the central banking functions from the Commonwealth Bank to it....
(RBA), Australia's central bank
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
, from 1996 to 17 September 2006. He is also former Chairman of the Payments System Board of the Reserve Bank and Chairman of the Council of Financial Regulators.
Macfarlane was educated at Monash University
Monash University
Monash University is a public university based in Melbourne, Victoria. It was founded in 1958 and is the second oldest university in the state. Monash is a member of Australia's Group of Eight and the ASAIHL....
, Melbourne
Melbourne
Melbourne is the capital and most populous city in the state of Victoria, and the second most populous city in Australia. The Melbourne City Centre is the hub of the greater metropolitan area and the Census statistical division—of which "Melbourne" is the common name. As of June 2009, the greater...
, from which he received the Bachelor of Economics degree with honours in 1968, and the Master of Economics
Master of Economics
A Master's Degree in Economics is a postgraduate academic program, offering training in economic theory, econometrics and / or applied economics. The degree may be offered as a terminal degree or as additional preparation for doctoral study, and is sometimes offered as a professional degree...
degree in 1971. He tutored in economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
there before joining the RBA in 1970. From 1971–72 he worked at the Institute of Economics and Statistics at Oxford University. Following this, he then moved to the Organization for Economic Co-operation and Development in Paris
Paris
Paris is the capital and largest city in France, situated on the river Seine, in northern France, at the heart of the Île-de-France region...
, where he served until 1978, before returning to the RBA. He became head of the bank's Research Department in 1988, Assistant Governor (Economic) in 1990, Deputy Governor in 1992 and Governor in 1996.
Macfarlane has been awarded honourary doctorates from five Australian universities: a DSc from Sydney, a DLitt from Macquarie, a DCom from Melbourne, a LLD from Monash and a DSc rom New South Wales. He was elected a Fellow of the Academy of Social Sciences of Australia in 1998.
In January 2004 Macfarlane was awarded Australia's highest honour, Companion in the General Division of the Order of Australia
Order of Australia
The Order of Australia is an order of chivalry established on 14 February 1975 by Elizabeth II, Queen of Australia, "for the purpose of according recognition to Australian citizens and other persons for achievement or for meritorious service"...
(AC). He was honoured "for service to the stabilisation of the Australian financial system, to central banking, and to the operation of monetary and economic policy in both domestic and international spheres."
Macfarlane ended his term as Governor on 17 September 2006 after 10 years presiding over Australia's economic expansion. He was replaced by Glenn Stevens
Glenn Stevens
Glenn Robert Stevens is an Australian economist and the current Governor of the Reserve Bank of Australia.-Early life and education:...
. The Treasurer at that time, Peter Costello
Peter Costello
Peter Howard Costello AC is an Australian politician and lawyer who served as the Treasurer in the Australian government from 1996 to 2007. He is the longest-serving Treasurer in Australian history. Costello was a Member of the Australian House of Representatives from 1990 to 2009, representing...
, said of Macfarlane: "Ian Macfarlane has been an exceptionally successful governor of the Reserve Bank ... And when history of the last 10 years is written, it will show as one of, if not the greatest periods of economic management in Australian history." http://www.abc.net.au/news/newsitems/200608/s1702944.htm Prime Minister John Howard
John Howard
John Winston Howard AC, SSI, was the 25th Prime Minister of Australia, from 11 March 1996 to 3 December 2007. He was the second-longest serving Australian Prime Minister after Sir Robert Menzies....
wrote in his autobiography "Macfarlane was the stand-out economic official in the lifetime of my government. His advice and sense of balance was far superior to that of anybody else who provided economic advice to us".
He is currently a director of Woolworths Limited
Woolworths Limited
Woolworths Limited is a major Australian company with extensive retail interest throughout Australia and New Zealand. It is the:* largest retail company in Australia and New Zealand by market capitalisation and sales...
, ANZ Bank and Leighton Holdings
Leighton Holdings
Leighton Holdings is Australia's largest project development and contracting group. It is active in the telecommunications, engineering and infrastructure, building and property, mining and resources, and environmental services industries...
. He is also on the International Advisory Boards of Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
, the China Banking Regulatory Commission
China Banking Regulatory Commission
The China Banking Regulatory Commission is an agency of the People's Republic of China authorised by the State Council to regulate the banking sector of the PRC except the territories of Hong Kong and Macau, both of which are special administrative regions...
and the Lowy Institute for International Policy
Lowy Institute for International Policy
The Lowy Institute for International Policy is an independent think tank endowed by Frank Lowy to conduct original, policy-relevant research about international political, strategic and economic issues from an Australian perspective. It is based in Sydney, New South Wales, Australia...
.
In his Boyer Lectures
Boyer Lectures
The Boyer Lectures began in 1959 as the ABC Lectures. They were renamed in 1961 after Richard Boyer , the ABC board chairman who had first suggested the lectures...
in 2006 and in an interview with The Diplomat
The Diplomat
The Diplomat is a Tokyo-based, online current affairs magazine covering politics, society and culture in the Asia-Pacific. The magazine, originally a bi-monthly print magazine, was founded by David Llewellyn-Smith, Minh Bui Jones and Sung Lee in 2001. The first edition was published in April 2002,...
in 2008 Macfarlane spoke about the changes he has observed in the financial sector during his long career. He believes that increasingly the financial sector itself has become the source of economic shocks, rather than reacting to real economic shocks such as increases in oil prices. Macfarlane has also noted that recent trends in credit markets can be seen as a result of global imbalances primarily originating in Asia.