Philip Lowe replaced as RBA governor by Michele Bullock amid interest rate missteps

• Philip Lowe will not serve another term as RBA governor after losing public trust over inaccurate interest rate guidance.
• Michele Bullock has been appointed as the first female RBA governor, bringing stability amid major reforms.
• Bullock faces economic challenges of potential recession, rising inflation, and implementing RBA overhaul.
• Lowe's term ends in September after 43 years at RBA; deputy governor Bullock joined RBA in 1985.
• Appointment marks milestone for RBA and Australia, but policy outlook still tied to global economic data.

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