Ms Bullock joined the bank in 1985 and has worked her way up through its ranks,holding three assistant governor positions including her most recent role in charge of financial stability with oversight of the payments system.
Ms Bullock replaces Guy Debelle,long expected to take over as governor from incumbent Philip Lowe,whosuddenly resigned earlier this month to take a role in the private sector.
Ms Bullock,who is now the most senior woman in the RBA’s 62-year history,will take on the deputy’s role immediately.
“I am honoured to be appointed deputy governor of the RBA and excited by the opportunity to serve the people of Australia in this new role,” she said.
Mr Frydenberg said Ms Bullock had enjoyed a distinguished career at the bank where she has been an assistant governor since 2010.
She is also a member of the Council of Financial Regulators,which works with the Australian Prudential Regulation Authority,the Australian Securities and Investments Commission and the Treasury Department.
Shadow treasurer Jim Chalmers said it was disappointing Mr Frydenberg had failed to consult about the appointment of Ms Bullock who,as deputy,is now a front runner to replace Dr Lowe whose term is due to finish in 2023.