Did you know Glenn Stevens is an economist from Australia? This piece lets you know Glenn Stevens’s net worth and other information you need. But then, who is Glenn Stevens?
Glenn Robert Stevens AC was born on January 23, 1958. He is 65 years old and is an Australian economist who was the Governor of the Reserve Bank of Australia from 2006 to 2016. Stevens was born in Sydney. He graduated from the University of Sydney in 1979 with a Bachelor of Economics, first-class honors.
He subsequently graduated from the University of Western Ontario with a Master of Arts. In 2014 he was awarded honoris causa a Doctorate of Laws from the University of Western Ontario. 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.
Stevens held positions in the Reserve Bank of Australia, as Head of the Economic Analysis Department, and 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. Following the September 2006 retirement of Ian Macfarlane, who served as Governor for ten years, Stevens was appointed to replace Macfarlane.
Glenn 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.
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. As the Global financial crisis of 2008–2009 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.
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” labor market as the justification for the historically low official interest rates.
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.
In December 2021, it was announced that Stevens would be appointed as the Chair of both the Macquarie Group Limited and Macquarie Bank. He stands at an appealing height of 1.75m and has a good body weight which suits his personality.
Glenn Stevens net worth
How much is Glenn Stevens worth? Glenn Stevens’s net worth is estimated at around $5 million. Her main source of income is from her primary work as a businessman and economist.
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