RBA governor spent $2m on coastal home – on same day as rate rise

The Reserve Bank of Australia’s decision to ratchet up interest rates by 25 basis points on March 17 will no doubt have turned the screws on household budgets across the country.

But not so for Reserve Bank governor Michele Bullock herself, it seems. On the same day the RBA decided to lift rates, Bullock settled on a $2.05 million purchase of a new four-bedroom home along with her husband, Ian Bullock. There is no mortgage on the title.

The couple are listed as “joint tenants” according to settlement documents seen by this masthead, on a home a stone’s throw from the water in Yamba, a town on the NSW North Coast an hour-and-a-half’s drive south of Byron Bay.

In a listing for the property, which according to Domain was sold by private treaty, the home was described as one for “the discerning buyer”, and sits at an address that “is 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.”

Of course, we were eager to hear from Bullock on whether she has any concerns over the perception that she might be a little out of touch, given the financial strain felt by ordinary Australians across the economy. But the Reserve Bank declined to comment.

Bullock, however, did say on the day of the rise that the decision to lift rates would be tough news for people with a mortgage.

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