Federal Treasurer Wayne Swan has filled up the upcoming board vacancies in the Reserve Bank of Australia, naming personalities that experts said know the ins and outs of the financial world.

Tapped to replace RBA deputy governor Ric Battellino is longtime central bank figure Philip Lowe, who Swan said Monday night will take on full term that will see him handling RBA responsibilities over the next seven years.

A 30-year veteran of the RBA, Lowe, according to Canberra Times, started his career at central bank affairs in the early 1980s and has served in multiple capacities that prepared him for his new task.

He worked for two years with the Bank for International Settlements, supervising the institution's finance and infrastructure divisions, posts that he held until 2002.

According to Swan, from 2004, Lowe was handpicked by the RBA board to focus on the central bank's policies relating on financial stability and payment system, which occupied much of Lowe's time until 2009.

Also set to depart from the RBA board is BlueScope Steel chairman Graham Kraehe, who Swan said will be replaced by Australian Industry Group chief executive Heather Ridout.

Like Lowe, Ridout is regular figure in Australia's business circles but her most notable achievement is establishing a reputation as one the most respected voices in Canberra, sought for her expertise and valued for her economic contribution.

Ridout's acumen in advancing the interest of the business world landed her prized spots in many undertakings, including stints during the Henry tax review and in major superannuation bodies.

The government also recruited Ridout to look into the current struggles of Australia's manufacturing sector, with Prime Minister Julia Gillard giving her a post in the Taskforce on Manufacturing.

Swan said that Ridout will stay on the RBA board for five years as he downplayed concerns that the new central bank member may be hampered by allegations of conflicting agendas.

"She stands in her appointment because of her commitment, her talent, her experience and her understanding of Australian business," Swan was reported by Canberra Times in expressing his confidence on Ridout's capability.

The new RBA board members, according to Swan, will officially assume their positions Feb. 14.