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Australia Central Bank No. 2 Quits to Join Green Energy Group

Guy Debelle, who spent the past 25 years at Reserve Bank, will leave March 16 to take the position of chief financial officer of FFI, starting in June

RBA Guy Debelle
RBA deputy governor Guy Debelle, left, and governor Philip Lowe speak at a parliamentary committee hearing. Photo: Reuters.


Australia’s central bank deputy governor has quit to join a green energy group founded by the country’s richest man, Andrew Forrest, the Reserve Bank of Australia (RBA) and Fortescue Future Industries (FFI) announced in statements on Thursday.

Guy Debelle, who spent the past 25 years at RBA, will leave March 16 to take the position of chief financial officer of FFI, starting in June.

FFI is the green energy unit of Forrest’s iron ore giant Fortescue Metals Group.

“Bringing in someone of Dr Debelle’s economic credibility goes to the heart of our vision for FFI,” the mining billionaire Forrest said.

“Not only are we committed to arresting climate change, we are also committed to creating economic growth, increasing jobs and growing our business profitability.”

A new RBA deputy governor will be appointed by Australia’s Treasurer Josh Frydenberg.

“I would like to thank Guy for his outstanding service to the RBA over many years,” RBA governor Philip Lowe said.

“He has made major contributions to monetary policy, to financial market operations and to the management of the bank.”

FFI is developing what it describes as the world’s first zero emissions train, truck and ship engines. “Each of these represent valuable global business opportunities for FFI,” Forrest said.

Debelle will also lead the new FFI Sydney office based in the CBD, with FFI’s headquarters remaining in Perth.

Forrest said FFI’s current CFO, Michael Masterman, “would continue to use his undoubted start-up skills in releasing the substantial unrealised value established by FFI’s Technology group”.


  • George Russell




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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.


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