James MacSmith
Updated 23 Mar 2026, 4:03pm
First published 23 Mar 2026, 3:24pm
RBA boss Michele Bullock settled on a luxury $2m holiday home on the same day the Central Bay controversially raised interest rates for the second time in a row last week. Picture: NewsWire / Gaye Gerard
RBA boss Michele Bullock settled on a luxury $2m holiday home on the same day the central bank controversially raised interest rates for the second time in a row last week.
The AFR reports, Bullock and her husband Ian settled on a four-bedroom home in the holiday town on Yamba on the NSW north coast, about 130km north of Byron Bay.
Bullock settled on the home last Tuesday March 17 for $2.05m, on the same day the RBA raised the cash rate for the second time in 2026 to 4.1 per cent.
An aerial view of Yamba Main Beach against the ocean on a sunny day
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The Reserve Bank Governor bought the home six weeks prior on February 3.
The purchase of the home was published in Bullock’s declaration of material personal interests, on the Reserve Bank of Australia’s website.
There the Yamba home is listed as an investment alongside two Sydney investment properties and her primary residence.
The home is said to be intended mostly for use by Bullock’s spouse who is from Northern NSW and plans to holiday there.
Inside the Yamba home.
The wine room.
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“The lifestyle that Yamba has to offer is second to none, but what if you could combine the coastal beauty of Yamba with the sheer indulgence of finding the home of your dreams?” the listing for the home reads.
“Welcome to a world of refined elegance and modern sophistication, perfectly positioned near both the pristine beaches and vibrant CBD of Yamba. A home that has been designed for the discerning buyer, this address is a testament to luxurious coastal living.
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One of the four bedrooms.
The backyard.
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“From the moment you enter, the grand entryway captivates with its striking feature granite stone wall and a stunning glass-enclosed wine cellar – an artful blend of style and functionality.”
In 2013, it was revealed Bullock’s predecessor Philip Lowe was given a heavily subsidised home loan for a 1997 house purchase. A revelation that led to the RBA being branded ‘out of touch’.
In 2024, Prime Minister Anthony Albanese was also accused of being out of touch with the financial pressures facing Aussie households when he bought a $4.3m luxury beach house on the NSW Central Coast.
A board statement said last week of the move to raise rates again: “the Board judged that inflation is likely to remain above target for some time and that the risks have tilted further to the upside, including to inflation expectations.
“It was therefore appropriate to increase the cash rate target.”
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