RBA Governor Michele Bullock Acquires Yamba Property on Day of Cash Rate Hike

Reserve Bank of Australia (RBA) Governor Michele Bullock and her husband, Ian Bullock, completed the purchase of a $2.05 million property in Yamba, New South Wales, on March 17.

The settlement date for this transaction occurred on the same day the RBA announced an increase to the official cash rate.

Property Details and Acquisition

The four-bedroom property, located approximately 130km north of Byron Bay, was acquired by the Bullocks for $2.05 million. The purchase agreement was made on February 3, with the settlement finalized on March 17.

The property's title lists the couple as "joint tenants," and the sale was conducted via private treaty.

It is categorized as an investment property in Governor Bullock's declaration of interests, alongside two other investment properties in Sydney and her primary residence. The property is reportedly designated for use primarily by Bullock's spouse for holidays, who has family ties to Northern NSW.

Financial Aspects

Records indicate that the $2.05 million purchase of the Yamba property was completed without a mortgage.

Coincident RBA Monetary Policy Decision

On March 17, the Reserve Bank of Australia increased the cash rate by 25 basis points, bringing the official rate to 4.1 per cent. This marked the second rate increase in 2026.

The RBA board's statement cited that "inflation is likely to remain above target for some time and that the risks have tilted further to the upside, including to inflation expectations," as the justification for the rate adjustment.

Public Disclosure

Information regarding the property purchase was made public through Governor Bullock's declaration of material personal interests, which is available on the Reserve Bank of Australia’s website.

Previous Instances

Past situations involving RBA officials and political figures have been reported.

In 2013, Philip Lowe, Governor Bullock’s predecessor, was reported to have received a subsidized home loan. In 2024, Prime Minister Anthony Albanese's purchase of a beach house on the NSW Central Coast was also reported.