RBA Governor Stevens’ term ends September 17, which is just three days after a potential election.

Herald-Sun RBA watcher Terry McCrann says the most likely outcome is that he will be extended three-and-a-half years rather than the traditional 7 year term. He believes a half-term would be appropriate and would give current deputy governor Philip Lowe more experience before he takes over.

The government must also appoint a replacement for RBA deputy Jillian Broadbent in May, when she completes her third term.