Lowe to go at RBA
It is understood Reserve Bank of Australia (RBA) governor, Philip Lowe, will not be re-appointed to the governor position.
According to the ABC, a decision is expected to be announced today by the Treasurer Jim Chalmers following a meeting with the Cabinet.
Lowe has been governor for seven years following Glenn Stevens and his term is due to end in September.
Possible candidates in the frame include deputy RBA governor Michelle Bullock, Finance Department Jenny Wilkinson and Treasury secretary Steven Kennedy.
Former deputy governor, Guy Debelle, had previously been expected to be the natural successor to Lowe but he left the RBA to take up a chief financial officer role at Fortescue Metals Group which he then left in November 2022 for health reasons after suffering a bicycle accident.
Lowe has faced criticism this year over his insistence to raise interest rates with rates having lifted from 0.1 per cent to 4.1 per cent since last year.
This is in an effort to control inflation which was 5.6 per cent in the year to May and rose as high as 7 per cent last year. The RBA’s target inflation range is 2-3 per cent.
More to come later today
AUTHOR
Laura Dew
Recommended for you
Outflows from an Australian private markets fund manager have caused FUM at Pacific Current to decline by $1 billion in the last quarter.
Former RIAA chief executive Simon O’Connor has joined the ethical advisory panel at U Ethical Investors.
Financial services leaders are “all cashed up with nowhere to grow” when it comes to M&A activity, according to Deloitte, with 90 per cent saying they have strong balance sheets ready for an acquisition.
As fund managers are urged to diversify their product ranges, they are finding a faster way to do this is via an acquisition of existing firms but experts say it is not without potential culture clashes.
Interesting to see that the media keep insisting and the Reserve Bank keep on advocating that adjusting interest rates has an effect on inflation and CPI! When will the BS stop and when will the media look at historical data and call the Reserve Bank out???