Mr Ellis Connolly has been appointed to Head of Payments Policy Department at the Reserve Bank of
Australia. Mr Connolly was selected from a list of internal and external candidates following the
retirement of Dr Tony Richards. He will take up the position on 20 December 2021.
Prior to this role, Mr Connolly was Deputy Head, Financial Markets Infrastructure in Payments Policy
Department. He was responsible for the supervision of systemically important clearing and settlement
facilities and payment systems operating in Australia. He has been with the Bank for 20 years.
Mr Connolly will report to Ms Michele Bullock, Assistant Governor (Financial System). Ms Bullock said,
‘Ellis brings a wealth of experience in regulation, the operation of markets and economics. 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 Bank’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 Bank, Mr Connolly previously held the positions of Deputy Secretary, Deputy Head of Domestic
Markets Department and Deputy Head of Economic Analysis Department, among others.
Mr Connolly has a Bachelor of Economics (Hons) from the University of New South Wales, a Bachelor of Laws
(Hons) from the University of Technology, Sydney and a Masters in Public Administration from the Harvard
The Reserve Bank’s Payments Policy Department is responsible for advising the Payments System Board on
the promotion of efficiency and competition in the Australian payments system. It oversees the payments
system with the development and implementation of policy. The payments system is at the core of
Australia’s financial system, with an average of $565 billion transferred daily in the year to
June 2021. The department also supervises central counterparties and securities settlement facilities,
important components of Australia’s financial infrastructure, to contribute to the overall stability
of the financial system.