Momentum Media was absolutely thrilled to welcome Michelle McPhee, assistant governor (business services) at the Reserve Bank of Australia (RBA), to the stage at the recent Women in Finance Summit 2025 in Sydney on 14 November.
Empowering insights from the RBA at the Women in Finance Summit 2025.
In a candid and insightful fireside chat with Annie Kane, managing editor of mortgages at Momentum Media, McPhee shared compelling details about her diverse career path, the often-unseen critical functions of her division, and powerful leadership advice for women aiming for senior roles in finance.
She offered the audience a deep dive into the business services division, noting its crucial work that connects with Australians every day but often goes under-the-radar.
Firstly, her team manages transactional banking services for the Australian government, processing about 350 million outbound payments a year. This includes essential payments for Centrelink, Medicare, and child support, underscoring the vital need for reliability and timely execution.
Secondly, the RBA provides the central infrastructure underpinning the settlement of interbank obligations — the "rails" that allow funds to move between different banks. This includes the central infrastructure for fast payments, capable of processing transactions in less than a second.
Thirdly, as a specific central banking role, her team handles the design and distribution of Australia's banknotes. She noted the ongoing national discussion about the future of cash and the RBA's commitment to ensuring its continued availability for those who rely on it.
Seizing opportunity
Reflecting on her journey to assistant governor (business services), McPhee shared a powerful message about the non-linear nature of career progression.
Starting her career at the RBA straight out of school, she took advantage of a work-and-study program, and her early career saw her spend a decade in financial markets, moving from foreign currency reserves management into FX dealing and domestic market operations.
A defining moment was her transition into risk management, but she was later surprised when former Governor Philip Lowe suggested she become the head of banking, an area she had no direct experience in. She ultimately said "Yes" to the seemingly left-field move, calling it a "tremendous opportunity" that led her to her current role.
When speaking about finding the confidence to take on high-level roles while balancing family commitments, McPhee revealed that a senior colleague had to encourage her to apply for a head of risk management role.
This underscored her belief in the power of sponsorship, noting that leaders must actively look for talented individuals who might not be putting themselves forward and encourage them to seize opportunities.
What it takes to make high-stakes decisions
When addressing how to approach decision-making in a high-pressure environment with broad impact, McPhee offered two key strategies. First, she advised having absolute clarity of outcome.
"It’s really important to be clear with your team what exactly you’re trying to achieve, and when you have that clarity, it becomes much easier to navigate through the noise," she explained, emphasising the need to clearly articulate goals amidst complex policy decisions.
Second, she stressed the importance of understanding and accepting trade-offs. This means being clear on who a decision impacts and if that impact is acceptable.
She also noted the value of seeking counsel from experts and trusted colleagues to gain different perspectives before finalising a decision.
Advice for aspiring women leaders
McPhee’s final advice to women in finance was simple yet profound: "I would say yes to opportunities. Say yes to opportunities. Think about what each opportunity can give you as you move through your career."
She pointed out that career movements are not a straight line — "You zig and you zag, and sometimes you might even think you’ve gone a little bit backwards, and then you move a great leap forward."
She noted that saying yes builds a breadth of experience and a wealth of things to offer, preparing you for that next big senior leadership step. She also highlighted the positive changes in workplace flexibility, making it a much more enabling environment for women to balance their careers.
You find the full interview on the RBA website or watch the full interview from the Women in Finance Summit 2025 here.