Glenn Stevens

Managed the Reserve Bank’s policy response to the Global Financial Crisis and subsequent commodity-driven cycles, deploying substantial cash-rate reductions and market-liquidity operations to stabilize financial conditions. Those actions directly changed interest rate differentials and market funding conditions that are central determinants of the AUD’s short-term value. Used active public communication to shape market expectations, including calibrated speeches and post-meeting statements that clarified RBA’s reaction function. The combination of policy moves and messaging altered speculative positioning and hedging demand, thereby affecting exchange-rate volatility and the pace of AUD adjustments. Also oversaw balance-sheet and liquidity measures tailored to maintain functioning of Australian wholesale markets, coordinating with other regulators to ensure credit and FX markets remained operational. Through operational interventions and guidance, the RBA under his leadership materially influenced how global risk shocks translated into AUD depreciation and recovery episodes.