Australia’s new central bank chief, Michele Bullock, took the helm Monday after a firestorm of criticism over rising living costs engulfed the tenure of her predecessor.

Taking over from Philip Lowe, who stepped down after completing a seven-year term that was not extended, Bullock became the first woman to lead the Reserve Bank of Australia (RBA).

In recent months, the public accused him of misleading them about future borrowing cost increases, calling for his resignation.

Bullock takes over with the bank under pressure to overhaul its hierarchical culture and bring inflation down following a government review.

Shane Oliver, chief economist at AMP, an Australian financial services company, said she was a “good choice” given the RBA’s success in addressing unemployment issues.

During the run-up to the change, there had been a lot of speculation that perhaps an outsider would be appointed, but I don’t believe it would’ve been justified.

In 1985, Bullock joined the bank full time after graduating from university.

As soon as she got the job, she wasn’t supposed to be in charge.

According to Oliver, Lowe was expected to serve another term at the bank after spending decades there.

According to the former central bank chief, the cash rate may not rise until 2024, based on economic conditions and RBA forecasts at the time.