Why Jillian Broadbent believes reform, not rhetoric, will drive Australia forward

Jillian Broadbent was just 16 when she walked into her first university lecture, enrolling in economics and mathematics at the University of Sydney. It was an early sign of the intellectual confidence and independence that would come to define her career.

The daughter of a decorated World War II officer, a Rat of Tobruk who rose to Major General, Broadbent grew up with a strong sense of duty, resilience and self-reliance. Those foundations would serve her well as she forged a path through institutions that were, at the time, overwhelmingly male.

She began at the Reserve Bank of Australia under Governor 'Nugget' Coombs, before joining Bankers Trust during the great wave of financial deregulation in the 1980s. There, she helped build what became one of the most dynamic and disruptive financial institutions of its era - challenging oligopolies, backing change and thriving on intellectual contest.

From executive to director, Broadbent went on to become one of the most influential figures in corporate Australia. Her board roles have included the Reserve Bank, Macquarie Group, Woodside, Westfield, Woolworths, Qantas and Coca-Cola Amatil. She later returned to the Reserve Bank as a director, serving through the Asian financial crisis and the global financial crisis. She also chaired the Clean Energy Finance Corporation from its inception and served as Chancellor of the University of Wollongong.

Few careers span financial markets, public policy, clean energy, higher education and corporate governance at this level.

In this conversation, Broadbent reflects on the culture that powered Bankers Trust, the pressures facing central banks, the future of clean energy finance, and why productivity and reform remain critical to Australia’s long-term prosperity.

Listen the the podcast via the player or read a summary below.

Interview summary prepared by a Livewire editor with the assistance of AI.

A career that started at the Reserve Bank of Australia

Jillian Broadbent’s career began and matured at the Reserve Bank of Australia. As a young economist under Governor Nugget Coombs, she entered an institution that combined intellectual rigour with social purpose. It was progressive for its time, offering equal pay and rejecting some of the more archaic public service practices.

She describes those early years as formative, working alongside “high quality people who had a very good social conscience and purpose.” The Bank and Treasury were the peak destinations for economists, and Broadbent was involved in building econometric models at a time when policy was still tightly controlled through fixed exchange rates and regulated interest settings.

A stint in Canada broadened her perspective. There she observed floating exchange rates and more flexible financial systems, an early glimpse of the deregulation that would later reshape Australia.

Decades later, she returned to Martin Place as a director, serving three terms through the Asian financial crisis and the global financial crisis. She recalls the latter as an extraordinary test of trust in the financial system, when governments moved quickly to guarantee deposits and prevent contagion.

Broadbent believes the Reserve Bank handled those crises well and earned its independence through performance. While she questions whether the later governance review was necessary, she acknowledges that clearer communication has strengthened public understanding. Monetary policy can be arcane, she says, and speaking plainly matters.

Bankers Trust and a culture of intellectual challenge

If the Reserve Bank gave Broadbent intellectual grounding, Bankers Trust sharpened her commercial instincts. She joined when there were about 70 people in the local operation, a small and ambitious team operating without the structural advantages of the established banks.

“We lived by our wits,” she says.

In the wake of financial deregulation, the firm challenged entrenched oligopolies and pushed into new markets. Broadbent moved from strategy into running foreign exchange, identifying arbitrage opportunities that proved highly profitable and helped fund expansion.

The defining feature of the culture was intellectual challenge. “Speak up, be shot down, get up again, try again,” she says. Debate was encouraged, hierarchy was secondary to argument, and change was viewed as opportunity rather than threat.

That mindset, forged in the deregulation era, shaped her approach to risk and reform. It also informed her later board career, where she remained focused on questioning assumptions rather than preserving the status quo.

Establishing Australia's Clean Energy Finance corporation

Broadbent’s role in establishing the Clean Energy Finance Corporation brought together public purpose and financial discipline. Asked to help design the institution, she insisted it not become “a bucket of money that could be washed around anywhere.”

The CEFC was structured to operate commercially, with independence from ministerial interference and clear return hurdles. Its task was to catalyse private capital at a time when global banks were retreating after the financial crisis.

“There was a real need for government participation, but with discipline,” she says.

Within five years the organisation was financially sustainable, covering its costs and demonstrating that public capital could crowd in private investment. Subsequent governments expanded its mandate, building on the model.

On global emissions policy, Broadbent is pragmatic. She acknowledges that shifts in the United States have created uncertainty, particularly for large scale offshore wind projects. But she notes that long term capital cannot easily be turned on and off, and that Europe remains broadly committed to its targets.

The critical role of research to fuel productivity 

As Chancellor of the University of Wollongong, Broadbent saw firsthand the funding pressures facing higher education. She argues the core flaw in the system is chronic underfunding of research by government.

Universities have relied heavily on international student revenue to cross subsidise research and maintain academic standards. Capping foreign enrolments without replacing that funding risks eroding Australia’s research base.

“The only way they can fund research and attract academics of a certain calibre is through foreign students,” she says.

For Broadbent, the issue is not simply financial, it is strategic. Underinvestment in research and skills weakens productivity and long term growth. In her view, education, infrastructure and human capital remain central to Australia’s economic future.

Boards, governance and economic reform

Broadbent has served on some of Australia’s largest corporate boards, including Macquarie Group, Qantas and Woodside. She rejects the notion that directors are disengaged, describing most boards as diligent and collegiate.

It is, however, a heavily regulated environment. Continuous disclosure, regulatory scrutiny and litigation risk have increased significantly. While she understands the regulators’ response to past crises, she suggests Australia may lean toward regulation heavy.

The most difficult part of being a non executive director is influence without execution. “You are broadly influencing key issues, but you do not make it happen,” she says. Management must ultimately deliver.

On the broader economy, Broadbent remains cautiously optimistic but sees unfinished reform. Productivity depends on sustained investment in education and infrastructure, and tax settings warrant review. She would like to see greater political appetite for structural change.

Australia has navigated major transitions before. In her experience, resilience and willingness to challenge the status quo make the difference.

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