Mr Johnston has been remembered by former prime ministers John Howard and Paul Keating as a major player in the nation-shaping economic reforms of the 1980s.
Former Reserve Bank of Australia governor Bob Johnston has been remembered by former prime ministers John Howard and Paul Keating as a major player in the floating of the dollar and the nation-shaping economic reforms of the 1980s.
Mr Johnston was also at the helm of the RBA during periods of major market volatility, including the Black Tuesday sharemarket crash in 1987 and currency crises in the mid-1980s. The respect between the pair was mutual, with Mr Johnston writing to Mr Keating at the end of his term at the RBA in July 1989, praising the treasurer for shifting the “economic debate onto an altogether higher plane”.
Born in Moonee Ponds in Melbourne, Mr Johnston joined the Commonwealth Bank of Australia in 1940 at 16 years of age. , led by Sir Keith Campbell, which recommended moving to a market-based exchange rate, permitting the entry of foreign banks and largely deregulating banking.Treasurer Jim Chalmers said Mr Johnston oversaw some of the most significant economic reforms in Australia’s history.
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