After a ninth consecutive rate rise, Reserve Bank governor Philip Lowe’s job is under a cloud, with four Labor MPs questioning his grip on the role.
Four Labor MPs have questioned the future of Reserve Bank governor Philip Lowe following nine consecutive rate rises from the central bank, suggesting his seven-year term should not be extended.
“We can’t hide from reality and these factors I’m sure would be taken into account when considering a response to the review of the Reserve Bank and future leadership appointments.”Queensland Labor MP Graham Perrett said extending Lowe’s term was a matter for the treasurer and his team “but certainly, activist governors carry extra risks”.
“Nearly 50 per cent of NSW [residents] rent, 40 per cent in my electorate. And they’re making these decisions without understanding the impact on [renters],” he said. Assistant Treasurer Stephen Jones told Sky News on Wednesday that “we’re hoping that this, if not the last, it’s nearly the last of the interest rate increases”.on Wednesday morning, ducking questions on whether the governor’s term would be extended for three years as it had been for his two most recent predecessors.
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