Mr Ian Macfarlane AC

Ian Macfarlane

Ian Macfarlane, AC (BEc(Hons) 1968, MEc 1971, HonLLD 2007) is an Australian economist and former Governor of the Reserve Bank of Australia (RBA) - a position he held for 10 years.

He is currently holds directorships with Woolworths Limited, the ANZ bank, Leighton Holdings, and the Lowy Institute for International Policy.

After completing his studies at Monash, Mr Macfarlane tutored in economics before joining the RBA in 1970.

From 1971-1972, he worked at the Institute of Economics and Statistics at Oxford University.

He then moved to the Organisation for Economic Co-operation and Development (OECD) in Paris, 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.

In 1996, Monash presented Mr Macfarlane with a Distinguished Alumni Award for his “outstanding perception and leadership” in the areas of economics and central banking. In 2007, the University also awarded him with an Honorary Doctor of Laws.

In 2004, Mr Macfarlane was awarded a Companion of the Order of Australia “for service to the stabilisation of the Australian financial system, to central banking, and to the operation of monetary and economic policy both in domestic and international spheres”.

In 2006 Mr Macfarlane stepped down from the RBA.

In 2007 he was elected a non-executive director the ANZ bank and a director of Woolworths Limited, Australia’s largest food retailer and the country’s second largest employer. He is also a director at Leighton Holdings and at the Lowy Institute for International Policy.