RBA governor Philip Lowe says we could manage inflation better, and floated ideas on how to do that, while addressing 'vitriol' directed his way, in final speech.
He warned that given the changes taking place in the global economy, it would be difficult to return to a world in which inflation tracks within a very narrow range, once this inflationary episode had passed.
Looking at some of his policy successes, Dr Lowe said despite everything, inflation still averaged 2.7 per cent over this term as governor, which is within the bank's 2 to 3 per cent target range. He said it was possible Australia could sustain unemployment rates below what we've had over the last 40 years too, and that would be "very good news" for the economy and our society.With the benefit of hindsight, he said, the RBA provided too much support for the economy during the initial lockdowns and afterwards.
"As you know, interest rates started being increased in May 2022 and there has been much criticism since, especially by those who borrowed during the pandemic based on our guidance.
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