Ellis Connolly to head RBA’s payments policy department

  • By Zilla Efrat

Ellis Connolly has been selected from a list of internal and external candidates to head the Reserve Bank of Australia’s payments policy department.

Connolly has been with the RBA for 20 years and replaces Dr Tony Richards, who is retiring.

Connolly, who will take up the position on 20 December 2021, was previously deputy head of financial markets infrastructure in the payments policy department.

There, he was responsible for supervising systemically important clearing and settlement facilities and payment systems operating in Australia.

Connolly will report to Michele Bullock, Assistant Governor (Financial System).

“Connolly brings a wealth of experience in regulation, the operation of markets and economics,” says Bullock. “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 RBA'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 RBA, Connolly previously held the positions of deputy secretary, deputy head of the domestic markets department and deputy head of the economic analysis department, among others.