CANBERRA, AAP – Michele Bullock has become the first female deputy governor of the Reserve Bank of Australia.

Treasurer Josh Frydenberg announced Ms Bullock to replace retiring deputy Guy Debelle on Friday.

She joined the central bank in 1985 as an analyst and has been an assistant governor since 2010.

Ms Bullock is also a member of the Council of Financial Regulators and works extensively with the Australian Prudential Regulation Authority, the Australian Securities and Investments Commission and the Treasury.

The appointment is for five years.

Shadow treasurer Jim Chalmers said she would bring much experience after a distinguished career.

“The departure of Guy Debelle has provided an opportunity for renewal in the most senior echelons of the RBA and it’s pleasing to see a woman appointed as deputy for the first time,” Dr Chalmers said.

However, he said it was disappointing the federal opposition had been “informed of this appointment today rather than consulted”.