The Treasurer has said 'all options are on the table' amid questions over Philip Lowe's term extension as Reserve Bank of Australia Governor following calls for him to resign from the $1 million a year role.
Pressure is mounting on Mr Lowe to resign from his high-profile position that includes a salary package of a touch over $1 million after the RBA Board on Tuesday increased the nation'sMr Lowe's term as Governor is set to expire on September 17 this year, seven years after first being appointed to the role.
Mr Chalmers was asked on Wednesday whether Mr Lowe's actual term as Governor is tenable beyond September. Reporters further put it to Mr Chalmers that"normally these terms are extended", and whether he would contemplate keeping Mr Lowe in the position. "We've got a Reserve Bank Review that I'll receive next month and respond to after that. That will obviously be a factor in my thinking when it comes to how we make sure that the Reserve Bank has the right structures and objectives and how it weighs up those objectives.
He should demand Philip Loweâs resignation. He also needs to use the powers at his disposal in the RBA Act to overturn the rate rise. Renters and mortgage holders are hurting, while people who are already wealthy are cleaning up.Senator McKim said the Board's decision to raise rates for the ninth consecutive time"risks driving Australia into a recession by smashing renters and mortgage holders".
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