The Australian government appointed Philip Lowe as the newgovernor of the Reserve Bank ofAustralia for a seven-year term, beginning Sept. 18.

Lowe has served as deputy governor of the central bank sinceearly 2012. He will replace Glenn Stevens.

Treasurer Scott Morrison also announced the appointment ofIan Harper as a part-time member of the central bank's board for a five-yearterm from July 31. Harper will replace John Edwards, whose term expires July 30.