Philip Lowe has remained tight-lipped on his future ahead of the government’s imminent decision on whether to extend his tenure as speculation mounts he has delivered his final speech as RBA Governor.
The governor’s seven-year term will expire on September 17 with the government expected to make a decision on whether to extend his tenure in the next week.
The Governor of the Reserve Bank of Australia Philip Lowe speaks during the Economic Society of Australia lunch held in Brisbane. Picture: NCA NewsWire/Tertius Pickard “If I am not asked to continue in the role, I will do my best to support my successor, and the Treasurer has said he will make an announcement before the end of this month.Dr Lowe and Mr Chalmers will travel to India next week for the G20 Finance Ministers and Central Bank Governors meeting.
“I'll be taking to cabinet my recommendation for the appointment of the Governor of the Reserve Bank. I don't want to front-run or pre-empt the timing or the nature of that conversation with my colleagues,” Mr Chalmers said in Melbourne. Dr Lowe was asked whether he was concerned that the Treasurer was consulting with the opposition and Labor backbenchers given some have expressed outrage over the bank’s recent decisions.
Backbench Labor MPs have expressed concerns over the bank’s decisions while the governor has also come under fire over his controversial claim in 2020 that the cash rate would not be raised before 2024.
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