Who was Bob Johnston? Wiki, Biography, Age, Family, Cause of Death

Bob Johnston Wiki -Bob Johnston Biography

The Governor of the Reserve Bank, instrumental in the flotation of the Australian dollar and the deregulation of the banking system, has died at the age of 98. Bob Johnston, who also oversaw the country’s first polymer banknote, supported then-Treasurer Paul Keating and Prime Minister Bob Hawke’s decision in 1983 to float the dollar, whose value until then had been set by a committee of bureaucrats.

He joined the Commonwealth Bank. at the age of 16 in 1940. He served in the RAAF during World War II before returning to the bank in 1946 and working in the securities and economics department. At the time, the Commonwealth was the nation’s central bank, and the Reserve was created as an independent institution only in 1960.

Bob Johnston Age

Bob Johnston was 98 years old.

Cause of Death Bob Johnston

In 1976 Johnston became the RBA’s main representative in London at a time when the value of the Australian dollar was pegged to that of a basket of currencies including the US dollar and sterling. After a short break, he returned to the RBA in 1979 and became involved in the investigation of the nation’s financial system headed by Sir James Campbell.

His report, delivered to the Fraser government in 1981, recommended moving away from a fixed exchange rate system, the entry of foreign banks and an unregulated banking sector. Johnston was appointed Governor of the Reserve by then-Treasurer John Howard in mid-1982. In a sign of his independence, Johnston rejected a proposal in Howard’s 1982 budget that would have forced the bank to move money from commercial banks directly into the real estate market.

Prior to the March 1983 election, the Reserve Bank struggled to maintain the value of the dollar as foreign investors—in fact encouraged by Coalition members, who warned of economic turmoil under the Hawke- Keating, made massive currency withdrawals from Australia.

One of Keating’s first actions as treasurer was to devalue the Australian dollar, which helped stop the flow of money out of the country. While the Treasury at the time was opposed to deregulating the dollar, Johnston supported the move. In early December 1983, Keating allowed the financial markets to determine the value of the dollar.

Johnston was involved in bringing foreign banks to the country in the mid-1980s in an attempt to increase competition with Australia’s domestic lenders. He led the Reserve Bank during the stock market crash of October 1987 and the currency crisis that followed Keating’s famous comment on the “banana republic” economy. from 1988.

His successor as governor in 1989, Bernie Fraser, said on Monday that Johnston had played an important role in the bank and in the development of the Australian economy. He said that until the 1980s, the Reserve Bank had tried to provide price stability through a series of measures that everyone fought against.

These included pegging the value of the Australian currency to gold and, during the 1970s, setting interest rates for the volume of money moving through the economy. Under Johnston, the bank moved to a “checklist” approach and then to the use of open markets to decide both the value of the currency and interest rates. it was doable,” he said.

“The bank has been using inflation targeting for about half its life now. And when you look at the last 30 years, it’s had 2.5 percent inflation for most of that time. “Bob was very important in developing what we have in terms of interest rates and currency floating.” Fraser said Johnston was open to new ideas that helped him adjust to the many changes that took place in the economic debate and central banking during the 1970s and 1980s.

“He was a very good central banker. He was very practical rather than ideological when it came to solving problems,” he said. In a statement, the RBA said Johnston would be remembered for his “sane judgment, integrity and enduring commitment to moving Australia’s central bank forward.”

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Personal Life and Family

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Education and Favorite Things

Daily Habits

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Net Worth

The Estimated Net worth is $80K – USD $85k.