Dr Philip Lowe has been appointed as Governor of the Reserve Bank of Australia.

Dr Lowe, who has served as the RBA's deputy governor since 2012, will replace Glenn Stevens from September 18.

Treasurer Scott Morrison confirmed Dr Lowe's appointment this afternoon.

"Dr Lowe is well regarded in the central banking community, financial markets, and the Australian business community, and will reinforce existing confidence in the institution," Mr Morrison said in a statement.

The Treasurer also paid tribute to outgoing governor Mr Stevens.

"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," Mr Morrison's statement read.

"The Government thanks Mr Stevens and his staff for the role they played in helping the Australian economy navigate these significant challenges over the decade."