SYDNEY (BLOOMBERG) - Philip Lowe will replace Glenn Stevens as governor of the Reserve Bank of Australia for a seven-year term on Sept 18, Treasurer Scott Morrison said in a statement on Thursday (May 5).

"Dr Lowe brings a wealth of knowledge and experience to the role of governor, having served as the RBA deputy governor since early 2012," Mr Morrison said in the statement.

"The government thanks Mr Stevens and his staff for the role they played in helping the Australian economy navigate" challenges including the global financial crisis and the end of a mining investment boom.