Treasurer Wayne Swan today appointed Ms Catherine Tanna and Dr John Edwards to the Reserve Bank of Australia Board.

Ms Tanna will be appointed for a five-year period from March 30 and replace Mr Donald McGauchie whose term expires today.

Dr Edwards will also be appointed for a five-year period from July 31 and replace Professor Warwick McKibbin whose term expires on July 30.

“I would like to take this opportunity to thank Mr McGauchie and Professor McKibbin for the valuable contributions they have made to the deliberations of the RBA Board over the past 10 years,” Mr Swan said.

“Ms Tanna and Dr Edwards will bring a unique combination of business, academic and professional economic experience to the RBA Board.

“They share an understanding of the macroeconomic implications of the strength of our resources sector and the opportunities flowing from Australia's location on the doorstep of Asia, as well as an important perspective on issues affecting regional Australia and a deep knowledge of global financial markets,” he said.

Ms Tanna is currently Executive Vice-President of BG Group and Managing Director of its Australian unit QGC Pty Ltd. She is experienced in the resources sector and has formerly served in a leadership capacity in resource sector firms such as BHP Petroleum and Shell.

Dr Edwards is currently the Executive Director of Economic Planning and Development for the Bahrain Economic Development Board. He will resign this position before taking up his role on the RBA Board.

On his return to Australia, Dr Edwards will take up academic roles in addition to his current position as an Adjunct Professor in the John Curtin Institute of Public Policy at Curtin University. Dr Edwards was Chief Economist for Australia and New Zealand for HSBC Bank for over a decade prior to taking up the appointment in Bahrain.

These appointments are made in accordance with section 14 of the Reserve Bank Act 1959, which provides for nine Board members including the Governor, the Deputy Governor, the Secretary to the Treasury and six other members.