Reserve Bank girlboss bought $2m holiday house on day she hiked interest rates

The Reserve Bank of Australia governor bought a luxury $2 million holiday house on the same day as she raised interest rates – adding to cost-of-living pressures suffered by millions of Aussies.

Michelle Bullock, who earns $1.195 million per year, and her husband Ian settled on the property on March 17 after making the purchase six weeks earlier, and listed the four-bedroom home in Yamba, northern NSW, as an investment on her declaration of material interests.

Bullock also owns a home, and two other investment properties, and the Australian Financial Review reported the Yamba residence will mainly be used by her husband for holidaying, since he is from the region, although they are listed as joint tenants.

The listing for the Yamba property, which comes with a wine cellar, describes it as “a testament to luxurious coastal living”.

“Designed for absolute comfort no matter the climate, the home features ducted air-conditioning, ceiling fans, louvre windows, and outdoor heating to the entertaining area,” the listing reads.

“All four bedrooms are incredibly generous in size, with the main bathroom being ideally positioned to service bedrooms two and three. But the indulgent parent’s retreat is a sanctuary all of its own.

“Featuring an oversized walk-in robe that exudes opulence and practicality, and a well-appointed ensuite, this private haven offers a space to relax, recharge, and revel in the luxury you deserve.”

“Its location is very good, being near the beach and [Yamba’s] CBD, but it’s also quite a modern home, very well finished, so it certainly had a lot of appeal from that perspective,” Ray White real estate agent Daniel Kelly, who sold the property, said.

“Northern NSW generally is quite popular. What we have to offer is quite appealing for those getting out of cities and looking for a little bit more of a laid-back lifestyle.”

The purchase came as Ms Bullock, the first female RBA governor, warned Australia’s economy was at risk of shrinking, and that rising inflation needed to be reined in.

“We don’t want to have a recession, but if it’s hard to get inflation down, then we’re going to have to deal with that possibly,” Ms Bullock said.

Header image: Left, Michelle Bullock announcing the rate right. Right, the Yamba property’s wine cellar.

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