'Litany of failures': Reserve Bank governor grilled over rate hikes, rejects calls for his resignation

'It's tough I know': RBA Governor Philip Lowe was asked how should mortgage holders and renters feel about major banks seeing 'mega profits' amid continuing increase rate rises. Read more here:

Senator McKim has repeatedly called for the Mr Lowe's resignation, claiming the prediction had left home-buyers exposed to rising mortgages.

Mr Lowe declared his intention to serve out his full seven-year term, set to expire in September, insisting decisions on rate rising were made by all RBA board members. "We're responding [to the concern] … and we'll no longer do those types of lunches before the release of the statement on monetary policy," he said.

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