Graeme Thompson was a Reserve Banker for 30 years. After some 17 years in the economic research and analysis area, he became head of the Bank's international department in 1985, then in 1986 head of personnel. In 1989 he was appointed Chief of Financial System Division and in 1990 Assistant Governor (Financial Institutions). He was appointed Deputy Governor in 1993, with particular responsibility for financial system policy.

On 1 July 1998 Graeme was appointed Chief Executive Officer of the newly-formed Australian Prudential Regulation Authority (APRA). As CEO of APRA Graeme is a member of the Council of Financial Regulators and the Payments System Board of the Reserve Bank of Australia. He is also Chairman of the Board of the Reserve Bank's subsidiary, Note Printing Australia Limited and of its joint venture company, Securency Pty Ltd.
He was Chairman of the Australian Payments System Council from 1989 to 1992, a director of the Banking Industry Ombudsman Scheme from 1990 to 1994 and Chairman of the Australian Payments Clearing Association Ltd from 1995 to early 1998