The committee's role is to guide and manage the work programme of the OECD's financial and enterprise affairs directorate.

Its membership includes representatives of the OECD's 34 member countries, as well as senior staff from the OECD secretariat.

The committee focuses on trends and prospects in the international and major domestic financial markets and structural issues and developments in financial markets and the financial sector.

Reserve Bank governor Graeme Wheeler says the appointment is a reflection of the high regard in which Mr Spencer is held in international financial markets.

"Mr Spencer also chairs the EMEAP working group on financial markets, a cooperative organisation of 11 East Asia and Pacific central banks."