The Prime Minister has discussed Philip Lowe's future at the RBA against the backdrop of souring public sentiment following nine consecutive interest rate hikes.
Mr Albanese's comments over Mr Lowe's future coincided with his House Economics Committee appearance on Friday, only two days after being grilled in a Senate Estimates hearing.official cash rate by a further 25 basis points last week to 3.35It also comes after Mr Lowe incorrectly predicted rates would not increase until at least 2024, leading to some questioning whether his role was still tenable.
“He has the Government's confidence and the Reserve Bank of course make these decisions independently. And it's very important that they be allowed to do that,” Mr Albanese said.The Governor’s role - with a salary close to $1 million - is set to expire on September 17 this year, seven years after first being appointed to the role.
“I'll let the RBA do its own job. We have made it very clear that the Government hasn't come to a view on a reappointment into the future,” he said.
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