The Reserve Bank Governor has addressed criticism of comments he made during the COVID-19 pandemic that interests rates would stay low until 2024.
Philip Lowe told a Parliamentary committee on Friday the RBA wanted to do everything they could to “get interest rates lower” during the period of economic turbulence.
“We told people that we could keep interest rates low for as long as they were needed and that was probably 2024,” the Governor told the committee.Mr Lowe said the board judged it best to make the mistake of “doing too much” and having to walk the comments back then “not doing enough”. “Now I get a lot of criticism for saying that but at the time, given the information we had, I wanted to do everything that I could to help the country,” Mr Lowe said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
RBA governor Philip Lowe has been ‘wedged’ between two sides of an electionPR Counsel Managing Director Kristy McSweeney says RBA Governor Philip Lowe is not the one who sets monetary policy in legislation and unfortunately, he’s been “wedged” between two sides of an election. “Where everyone wants to claim economic management credentials and he is the scape goat,” Mr McSweeney told Sky News host Rita Panahi. “I think every banker in Australia knows this is theatre of the absurd.”
Read more »
RBA Governor’s Senate Estimates appearance a ‘smack in the face’ to the govt ‘bullies’RBA Governor Philip Lowe’s appearance in Senate Estimates on Wednesday was a “smack in the face to the bullies”, according to Sky News host Andrew Bolt. Mr Bolt said the media “chased” Mr Lowe down the street, called him “our most loathed banker”, and demanded his resignation after the RBA hiked rates nine times. “But that is nothing compared to the outrageous way that Lowe’s been bullied by the Albanese government, and as I say, thank God the Reserve Bank Governor was defiant today when he was grilled by a Senate committee,” he said. “Let Labor threaten Lowe and also scapegoat him for their own failure to help fight inflation by cutting their spending. For their own failure to fight inflation by cutting power prices because of their global warming fantasies. “But Lowe says the bullies will not win. And good because the price of surrender is too high.”
Read more »
In defence of Philip Lowe and the RBAOPINION: The populist pile-on against Philip Lowe should really be directed at Canberra. We are now paying the inflation and interest rate price of the borrowing and spending through the pandemic.
Read more »
RBA’s Lowe defies political pressureExpectations of higher interest rates firmed further after Reserve Bank governor Philip Lowe shrugged off political pressure over tighter monetary policy.
Read more »
RBA interest rate updates LIVE: Philip Lowe warning on $350b fixed rate cliffAbout $350 billion in low-interest fixed rate loans will switch to higher variable rates this year, RBA governor Philip Lowe says. Follow updates here.
Read more »
Lowe admits there is a risk RBA has ‘gone too far’Governor Philip Lowe has admitted there is a risk the Reserve Bank has “gone too far” in its efforts to tame Australia’s inflation. Mr Lowe conceded the nation’s economy may slow more than the central bank expects while fronting a Parliamentary committee on Friday. The Governor also said there is a risk RBA has “not done enough” and inflation in the economy may persist for a longer period than expected. “That is why I talked about the nature of the two-sided risks,” Mr Lowe told the committee. “And our job is to try and balance those.”
Read more »