Penny Smith is the Deputy Head of Financial Stability Department at the Reserve Bank of Australia. Since joining the Bank in 2009, Penny has held various management positions in Financial System Group, Economic Group and Financial Markets Group. Prior to joining the Bank, Penny worked in Strategy and Research at Westpac and as a Research Fellow at the University of Melbourne. She has a PhD from the University of Melbourne and a Bachelor of Economics from the University of Western Australia. Penny is also President of the NSW Branch of the Economic Society of Australia.