Michele Bullock, an RBA employee for nearly 40 years, was announced on Friday as the new Reserve Bank of Australia Governor, taking over from Phillip Lowe, whose reputation has taken a blow over promises on interest rate rises that left many scrambling when they occurred earlier than expected.

Will her appointment be a success story for women breaking through the glass ceiling, or is the timing of this promotion, amid a cost of living crisis and the bank having to constantly increase the cash rate, setting her up for failure?

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