Former RBA governor Philip Lowe to begin new role at Future Generation Australia

Philip Lowe is set to become the chair of Future Generation Australia, months after leaving the Reserve Bank.

The former RBA governor has joined the investment firm's board as an independent director today and will take over former NSW premier Mike Baird's role as chair after the annual general meeting in May, the company said.

Baird will stay on as an independent director.

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Future Generation Australia is a philanthropic investment company that gives shareholders access to leading Australian fund managers, who waive their usual management fees so that 1 per cent of the company's assets can go to charity.

It is Lowe's first role since he finished his term at the Reserve Bank in September following the government's decision not to extend his term after six years as governor.

Lowe faced some criticism for the 12 interest rates he presided over from May 2022 – not long after suggesting the cash rate wouldn't rise until 2024 – at a time Australians were struggling with the cost of living crisis.

He was succeeded by new Governor Michele Bullock, who oversaw a further rate rise in November.

A review into the RBA last year led the way for a historic overhaul which saw annual rate meets drop from 11 to eight and a press conference following each rate meeting.