Dr Philip Lowe to lose his job TODAY: Under fire Reserve Bank governor will not be re-appointed by the government
Reserve Bank governor Philip Lowe will not be reappointed, reports from the ABC say.
Dr Lowe’s term as RBA governor is due to expire in September, with cabinet to meet this morning to decide on his replacement.
Two of the leading candidates for the position are Treasury secretary Steven Kennedy and Finance secretary Jenny Wilkinson.
Deputy governor Michele Bullock is also considered as a leading contender.
Treasurer Jim Chalmers has said a call on whether the term would be extended or a new governor appointed would be made soon and he has held talks with shadow treasurer Angus Taylor about the decision.
Dr Lowe has faced criticism following multiple interest rate hikes in the past year, after previous comments saying the cash rate would not increase until 2024.
More to come
Philip Lowe, a father of three, lives in the wealthy suburb of Randwick in the city’s inner south-east, where the median house price is $2.9million
Philip Lowe, a father of three, lives in the wealthy suburb of Randwick in the city’s inner south-east, where the median house price is $2.9million
Dr Lowe, who is on a total remuneration package of $1,037,709 and a base salary of $890,252, is protected from the cost of living crisis
