Appointment of Head of Payments Policy Department

Mr Ellis Connolly has been appointed to Head of Payments Policy Department at the Reserve Bank of Australia. Mr Connolly was selected from a list of internal and external candidates following the retirement of Dr Tony Richards. He will take up the position on 20 December 2021.

Prior to this role, Mr Connolly was Deputy Head, Financial Markets Infrastructure in Payments Policy Department. He was responsible for the supervision of systemically important clearing and settlement facilities and payment systems operating in Australia. He has been with the Bank for 20 years.

Mr Connolly will report to Ms Michele Bullock, Assistant Governor (Financial System). Ms Bullock said, ‘Ellis brings a wealth of experience in regulation, the operation of markets and economics. He is a strong leader with a high level of skill in analysis and strategic thinking. His experience will be important as we pursue strategic priorities in payments policy.’

The Bank’s priorities in this area include: supporting the shift to digital payments; conducting research into innovations in the payments system, including central bank digital currencies; resolving competition and efficiency issues in the payments system; and continuing to promote the safety and resilience of financial market infrastructures and payment systems.

At the Bank, Mr Connolly previously held the positions of Deputy Secretary, Deputy Head of Domestic Markets Department and Deputy Head of Economic Analysis Department, among others.

Mr Connolly has a Bachelor of Economics (Hons) from the University of New South Wales, a Bachelor of Laws (Hons) from the University of Technology, Sydney and a Masters in Public Administration from the Harvard Kennedy School.

Background

The Reserve Bank’s Payments Policy Department is responsible for advising the Payments System Board on the promotion of efficiency and competition in the Australian payments system. It oversees the payments system with the development and implementation of policy. The payments system is at the core of Australia’s financial system, with an average of $565 billion transferred daily in the year to June 2021. The department also supervises central counterparties and securities settlement facilities, important components of Australia’s financial infrastructure, to contribute to the overall stability of the financial system.

For more information on the payments landscape and the Bank’s work, see the Payments System Board Annual Report 2021. For more statistics, see Payments Statistics | RBA