RBA governor says ‘capitalism works’ but maybe just a little bit of slack from his institution is what the country needs
Photograph: Lukas Coch/AAPPhotograph: Lukas Coch/AAPowards the end of three hours of otherwise measured testimony before the House of Representatives economic committee on Friday, the Reserve Bank governor, Philip Lowe, burst into a lyrical defence of markets in Australia that will likely grate with many of the multitudes trying to get by.
Australia, indeed, was among the “wealthiest, prosperous, equal” countries anywhere and “a fantastic place to live”, Lowe said. Lowe’s term expires in mid-September unless the government grants him an extension and so every public appearance amounts to an audition for his role.– it is notable that the prime minister, Anthony Albanese, merely says Lowe is “doing his job” without gracing the comment with an adjective.
Renters, meanwhile, wouldn’t have drawn much solace from this week, either. True, Jones did acknowledge that this group includes some “experiencing hardship because of the rapid increase in rents”.and were still increasing at 10.1% in January, CoreLogic tells Guardian Australia. Capital cities reported a 10.9% annual pace of rental growth last month, and with migration and overseas students returning in droves, tenants aren’t likely to see much relief soon.
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