Philip Lowe will become the next Governor of the Reserve Bank of Australia (RBA), replacing the outgoing Glenn Stevens, who has been in the top job for 10 years.

Lowe has deputy governor since early 2012, heading up many of the RBA's analytical departments, and publishing on a wide range of issues over his three decade career with the bank, Australian Treasurer Scott Morrison said in a statement.

Morrison thanked Stevens for negotiating the economy through some difficult times.
"International developments required Mr Stevens to steward the RBA through a challenging decade for the Australian economy, which included the global financial crisis, the passing of a once in a generation terms of trade boom, and the rise and fall of an unprecedented mining investment boom," Morrison said.

Lowe's seven-year term starts on September 18.