Brutal moment RBA chief is asked if he will step down after enforcing five rate hikes despite telling Australia there would be none – and claims he’s getting letters thanking him for the hikes
- Network Ten national affairs editor Hugh Riminton asked the banker about his future
Australia’s most powerful banker was brutally asked if he would resign over five rate hikes, despite vowing there would be no hike until 2024.
Reserve Bank of Australia Governor Philip Lowe faced an uncomfortable question from Network Ten national affairs editor Hugh Riminton on Thursday. He asked if he would quit, noting how he was disliked by both the hard-left Greens and right-wing Nationals Senator Matt Canavan.
“You’ve achieved the unthinkable — you’ve managed to get Queensland Conservative Matt Canavan on a unitary ticket with the Greens,” Riminton said.
“Both called for your release this week.
“What do you say to people who think your resignation would help the cause?”
dr Lowe rejected a call to quit.
“I can assure you that I have no intention of resigning,” he said at the Anika Foundation luncheon.
Australia’s most powerful banker was brutally asked if he would step down for raising interest rates five times, despite pledging there would be no hike before 2024. Reserve Bank of Australia Governor Philip Lowe (pictured) faced an awkward question from Network Ten national affairs editor Hugh Riminton. asked if he was quitting, noting how he was disliked by the two tough greens and Nationals right backbench Matt Canavan
Oddly enough, Dr. Lowe told the forum he had received praise from people for raising interest rates, which have risen the fastest this year since 1994, after being asked about the inequality on RU OK Day.
“It may surprise you that some people write to me and say, ‘Thanks for the higher interest rates,'” he said.
“Most people with mortgages don’t like higher interest rates – it takes a toll on their budget.”
dr Lowe also disputed a proposal he vowed last year to keep interest rates at a record low of 0.1 percent “at the earliest” until 2024.
The Reserve Bank chief clashed with Sky News economics reporter Edward Boyd, who noted that the cash rate had risen 2.25 percentage points since May and asked whether Australians were preparing for a 3.5 percent cash rate should.
“I’m not sure if you heard my answer to the previous question,” said Dr. Lowe and elicited laughter.
“I don’t like doing this, but may I correct you?
“Because I didn’t promise interest rates would go up.”
