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Reserve Bank boss to step down at the end of term

Reserve Bank Governor Graeme Wheeler will step down from his position in September following an announcement from Finance Minister Stephen Joyce this afternoon.

His deputy Grant Spencer will be appointed acting Governor on September 26 of this year, when Mr Wheeler steps down.

"Following advice from the Cabinet Office and consultation with Cabinet, I have decided that the most appropriate course of action would be to appoint an acting Governor for a six month period to cover the post-election caretaker period," Mr Joyce said.

"This will give the next government time to make a decision on the appointment of a permanent Governor for the next five year term."

Mr Spencer will become acting governor from September 27 to March 26, 2018, following advice from the Reserve Bank Board of Directors.

The Reserve Bank Governor Graeme Wheeler. Source: 1 NEWS