Four female candidates have emerged to possibly take over Phil Lowe’s job at the Reserve Bank. But no governor has been denied a second term before.
Advertisement
Hiring a woman at the central bank would break another precedent: that the governor, who has always been a man, is granted a second term if they ask for it. “Why would you want the job?” asks Jonathan Kearns, a former Reserve Bank economist now working at Challenger funds management. “The pressure that is applied on the governor is really excessive. Media were camped outside his house and pursued him in his downtime.”His successor is not obvious. Based on seniority, the job should go to Bullock. A senior manager under Lowe for six years, she’s “agreeable, pleasant and fairly smooth,” a former colleague says.
Timing a tightening is a once-in-a-career central banking challenge. Get it wrong, and millions of lives are unnecessarily hurt. Pull it off, and you join the public service hall of fame. Besides, Gross, who speaks highly of both women, reckons a willingness to implement a recent government-ordered critique of the central bank is the “No. 1” criterion for the next governor’s selection., pushed the central bank to make changes it has resisted for generations, including accepting more external influence over interest rates.
. “And I understand why they’re saying that, but I think I find that part of the review discussion not quite lining up with the reality that I know.”Who would be willing to defy Reserve Bank orthodoxy? How about a woman who conducted the review, eminent Canadian economist Carolyn Wilkins? The Bank of Canada’s senior deputy governor from 2014 to 2020, Wilkins is warm and deferential, at least in public.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Reserve Bank was ‘bound’ to raise interest rates this monthFormer Speaker of the House Bronwyn Bishop says the Reserve Bank was “bound” to raise interest rates this month after last month’s pause. “Very simple, the Governor’s about to be sacked, the government is spending money like there’s no tomorrow,” Ms Bishop told Sky News host Paul Murray. “There’s a wage increase coming through for 300,000 people … they’ve just spent $35 billion, which they say is off-budget. “I always thought they would put up interest rates this month.”
Read more »
Federal Reserve increases interest rates by a quarter point to 16-year high – US politics liveCentral bank announces 10th straight increase – follow all the latest news
Read more »
US interest rates hit highest level since 2007 with Federal Reserve’s latest hikeThe US interest rates have reached their highest point since 2007, as the Federal Reserve announces a quarter-point increase in its key interest rate, bringing it to 5.25 per cent. This significant hike comes amid ongoing economic adjustments and shifting financial landscapes.
Read more »
Aboriginal protesters evicted by police after camping out for years at Deebing Creek development siteMakeshift homes demolished after protesters removed from former Aboriginal reserve south-west of Brisbane
Read more »
Where four experts would invest $10,000 if they were 25 years oldThe future is uncertain, but four experts share how they would deal with it if they were 25.
Read more »
Four reasons why the RBA lifted rates in MayHot jobs, accelerating services inflation, rebounding house prices and weak labour productivity tipped the RBA board’s hand to lift the cash rate for the 11th time this cycle to 3.85 per cent.
Read more »