8 Apr 2013

RBA governor appointed for another term

7:12 am on 8 April 2013

Governor Glenn Stevens of the Reserve Bank Australia has won another term.

Mr Stevens has been RBA governor for seven years, having been appointed by the government of John Howard.

Radio New Zealand's Sydney correspondent reports Mr Stevens is highly regarded in financial markets for his stewardship of monetary policy through the global financial crisis.

Recognising his stature in the role, Treasurer Wayne Swan last week announced he had extended Mr Stevens' tenure for another three years.

Mr Stevens' term had been due to end in September coinciding with the coming federal election. So this early announcement removes the risk of his reappointment becoming politicised.

The extension also is seen as paving the way for his deputy and likely successor Phil Lowe to gain experience.

The Reserve Bank of Australia announced on Tuesday that it is keeping the official cash rate at 3% for a fourth consecutive month. The bank is satisfied the previous 14 months of easing is start to kick in.