A likely replacement for current Reserve Bank governor Phil Lowe is expected to be announced as soon as this week.
A likely replacement for current Reserve Bank governor Philip Lowe is expected to be announced as soon as this week, as the economy continues to slow off the back of 12 interest rate rises and high inflation.
“The core of our economic plan is about building healthier, more secure and cohesive communities and a more sustainable and prosperous economy.” The Greens have been calling for months for the governor to be stood down and the bank’s rate rise decisions to be reversed, while the Coalition’s finance spokeswoman Jane Hume has defended Lowe, saying he should stay on.
“This will help us to track our journey towards a healthier, more sustainable, cohesive, secure, and prosperous society that gives every person ample opportunity to build lives of meaning and purpose.” Households have been cutting back on spending on non-essentials, while spending on essentials was also continuing to slow according to figures from the Australian Bureau of Statistics.
The only spending indicator that rose was food, up 5.8 per cent. The May monthly inflation figures show food prices rose by 7.9 per cent.
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