Glenn Stevens
{{Short description|Australian economist}}
{{for|the American mathematician|Glenn H. Stevens}}
{{Use dmy dates|date=February 2021}}
{{Use Australian English|date=April 2012}}
{{Infobox officeholder
| image = Glenn Stevens.jpg
| name = Glenn Robert Stevens
| honorific-suffix = {{post-nominals|country=AUS|AC|size=100}}
| order = 7th Governor of the Reserve Bank of Australia
| term_start = 18 September 2006
| term_end = 17 September 2016
| status = Retired
| deputy = Ric Battellino
Philip Lowe
| predecessor = Ian Macfarlane
| successor = Philip Lowe
| nominator = Peter Costello
| birth_date = {{birth date and age|df=yes|1958|1|23}}
| birth_place = Sydney, New South Wales
| nationality = Australian
| alma_mater = {{unbulleted list|University of Sydney|{{nowrap|University of Western Ontario}}}}
| death_date =
| death_place =
| spouse = Susan
| children = 2
| profession = Economist
| awards = Companion of the Order of Australia
| residence = {{NSWcity|Sylvania Waters}}, Sydney, New South Wales
| signature = Glenn Stevens signature.svg
| footnotes = {{cite web|url=https://www.rba.gov.au/about-rba/history/governors/bio-glenn-stevens.html|title=Past & Present Governors:Glenn Stevens AC|institution=Reserve Bank of Australia}}{{cite web|url=https://www.urban.com.au/news/former-rba-governor-glenn-stevens-completes-shire-upgrade|title=Former RBA Governor Glenn Stevens completes Shire upgrade|date=26 September 2019 }}
}}
Glenn Robert Stevens {{post-nominals|country=AUS|AC}} (born 23 January 1958) is an Australian economist who was the Governor of the Reserve Bank of Australia from 2006 to 2016.
Early life and education
Stevens was born in Sydney in 1958.
He graduated from the University of Sydney in 1979 with a Bachelor of Economics, first class honours. He subsequently graduated from the University of Western Ontario with a Masters of Arts. In 2014 he was awarded honoris causa a Doctorate of Laws from the University of Western Ontario. In 2016 the University of Sydney awarded him a Doctor of Science in Economics (honoris causa). {{cite web|url=https://www.sydney.edu.au/content/dam/corporate/documents/university-archives/honorary-awards/s/glenn_stevens_ac_2016.pdf|title=Mr Glenn Stevens AC|date=29 September 2016|publisher=The University of Sydney}}
Career
After holding various positions in the Bank prior to 1990, he accepted a position as Visiting Scholar at the Federal Reserve Bank of San Francisco. Subsequently, Stevens held positions in the Reserve Bank of Australia, 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.
= Reserve Bank of Australia Governor =
{{See also|Reserve Bank of Australia}}
Following the September 2006 retirement of Ian Macfarlane, who served as Governor for ten years, Stevens was appointed to replace Macfarlane. Stevens has demonstrated a commitment to the style of operation of the Reserve established under Macfarlane including its independence from the direct influence of government, 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.{{Citation needed|date=May 2009}}
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 Telegraph.{{Cite web |url=http://www.rba.gov.au/MediaReleases/2008/index.html |title=RBA Media Releases 2008 |access-date=10 December 2008 |archive-url=https://web.archive.org/web/20081207074908/http://www.rba.gov.au/MediaReleases/2008/index.html |archive-date=7 December 2008 |url-status=dead }}[http://www.theaustralian.news.com.au/story/0,25197,23861190-601,00.html Rates will stay high: RBA chief Glenn Stevens] {{Webarchive|url=https://web.archive.org/web/20090807044856/http://www.theaustralian.news.com.au/story/0,25197,23861190-601,00.html |date=7 August 2009 }} The Australian, 14 June 2008{{Cite web |url=http://www.news.com.au/dailytelegraph/story/0,22049,23485304-5001021,00.html |title=Is he Australia's most useless? |access-date=13 May 2009 |archive-date=7 April 2008 |archive-url=https://web.archive.org/web/20080407190938/http://www.news.com.au/dailytelegraph/story/0,22049,23485304-5001021,00.html |url-status=live }}{{Cite web |url=http://news.anu.edu.au/?p=638 |title=Biography of a bank |access-date=13 May 2009 |archive-date=14 October 2012 |archive-url=https://web.archive.org/web/20121014230119/http://news.anu.edu.au/?p=638 |url-status=live }} As the 2008 financial crisis progressed, Stevens announced large cuts to the official rate. 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.[http://money.ninemsn.com.au/article.aspx?id=688571 RBA does not rule out January rate cut] {{webarchive |url=https://web.archive.org/web/20081210071120/http://money.ninemsn.com.au/article.aspx?id=688571 |date=10 December 2008 }} By August 2013, interest rates had been cut to 2.5%, with the RBA monthly meeting minutes citing domestic economic growth below long-term trends, the relatively high value of the Australian dollar, and the "subdued" labour market as the justification for the historically low{{Cite news |url=http://www.abc.net.au/news/2013-05-07/reserve-cuts-rates-to-lowest-in-five-decades/4674944 |title=Reserve cuts rates to lowest in five decades |newspaper=ABC News |date=7 May 2013 |access-date=24 October 2013 |archive-date=14 October 2013 |archive-url=https://web.archive.org/web/20131014055837/http://www.abc.net.au/news/2013-05-07/reserve-cuts-rates-to-lowest-in-five-decades/4674944 |url-status=live }} official interest rates.{{Cite web |url=http://www.rba.gov.au/monetary-policy/rba-board-minutes/2013/06082013.html |title=RBA: Minutes of Monetary Policy Meeting of the Board-6 August 2013 |date=20 August 2013 |access-date=24 October 2013 |archive-date=29 October 2013 |archive-url=https://web.archive.org/web/20131029192831/http://www.rba.gov.au/monetary-policy/rba-board-minutes/2013/06082013.html |url-status=live }} In May 2016 the RBA lowered the cash rate to 1.75%. The RBA stated that inflation has been unexpectedly low, due to low growth in labour costs and very low cost pressures elsewhere in the world; which justified lowering the cash rate to historically low levels.{{cite web | url=http://www.rba.gov.au/media-releases/2016/mr-16-10.html | title=Statement by Glenn Stevens, Governor: Monetary Policy Decision | Media Releases | date=3 May 2016 | access-date=6 June 2016 | archive-date=2 June 2016 | archive-url=https://web.archive.org/web/20160602050700/http://www.rba.gov.au/media-releases/2016/mr-16-10.html | url-status=live }}
=Macquarie Bank Chair of the Board=
In December 2021, it was announced that Stevens would be appointed as the Chair of both the Macquarie Group Limited and Macquarie Bank.{{cite press release|url=https://www.macquarie.com/au/en/about/news/2021/glenn-stevens-appointed-next-chair-of-macquarie-group-and-macquarie-bank-following-peter-warne-retirement,-diane-grady-announces-her-intention-to-retire.html | title=Glenn Stevens appointed next chair of Macquarie Group and Macquarie Bank following Peter Warne retirement, Diane Grady announces her intention to retire | Media Releases | date=2 December 2021 | access-date=24 October 2022 | archive-date=24 October 2022 | archive-url=https://web.archive.org/web/20221024213305/https://www.macquarie.com/au/en/about/news/2021/glenn-stevens-appointed-next-chair-of-macquarie-group-and-macquarie-bank-following-peter-warne-retirement,-diane-grady-announces-her-intention-to-retire.html | url-status=live }}{{cite news|url=https://www.smh.com.au/business/banking-and-finance/former-rba-governor-glenn-stevens-to-chair-macquarie-group-20211202-p59e3m.html|title=Former RBA governor Glenn Stevens to chair Macquarie Group|date=2 December 2021|publisher=The Sydney Morning Herald}}
Personal life
Stevens is a professing Christian, and plays the guitar at his local Baptist Church. Stevens once said: "if you're a Christian, God has given you certain capabilities to do a job, to earn a living. The Bible teaches that you should do that as if you were doing that for Him, because you are, and that's my attitude."{{cite news |url=http://www.heraldsun.com.au/news/breaking-news/there-is-a-god-says-rba-governor/story-e6frf7jx-1225847884869 |title='There is a god,' says RBA governor |work=Herald Sun |date=31 March 2010 }}
He has spent most of his life living in the Sutherland Shire and lives in {{NSWcity|Sylvania Waters}}. He is also a recreational pilot with Commercial Pilot Licence (CPL) and Command Instrument Rating (CIR). He owns a Beechcraft Baron G58.{{citation needed|date=August 2018}} Glenn flies for charity organisation Angel Flight.
In 2016 Stevens was appointed Companion of the Order of Australia for eminent service to the financial and central bank sectors through leadership roles, to the implementation of innovative monetary and economic policy, to international financial regulation, and to the community.{{cite web |url=http://www.gg.gov.au/sites/default/files/files/honours/qb/qb2016/nS_29ods1A/Media%20Notes%20-%20AC.pdf |title=Companion in the General Division in the Order of Australia |work=The Queen’s Birthday 2016 Honours List |publisher=Governor-General of Australia |date=13 June 2016 |access-date=14 June 2016 |page=12 |url-status=dead |archive-url=https://web.archive.org/web/20160615121044/http://www.gg.gov.au/sites/default/files/files/honours/qb/qb2016/nS_29ods1A/Media%20Notes%20-%20AC.pdf |archive-date=15 June 2016}}
References
{{reflist}}
External links
- [https://web.archive.org/web/20090807044842/http://www.theaustralian.news.com.au/story/0,20867,20563123-601,00.html Transcript of Glenn Stevens' speech on economic conditions and prospects 2006] Address to the Australian Business Economists and the Economic Society of Australia (NSW Branch) Annual Forecasting Conference Dinner.
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{{succession box | before = Ian Macfarlane | title = Governor of the Reserve Bank of Australia | years = 2006–2016 | after = Philip Lowe}}
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{{Governors of the Reserve Bank of Australia}}
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{{DEFAULTSORT:Stevens, Glenn}}
Category:Australian economists
Category:Companions of the Order of Australia
Category:University of Sydney Business School alumni
Category:People from the Sutherland Shire
Category:University of Western Ontario alumni