Philip Lowe responsible for wrong advice

 

Philip Lowe is an Australian economist who is the current Governor of the Reserve Bank of Australia,

 

Philip Lowe, giving evidence to the House of Representatives economics committee today admitted the RBA’s big lift in official interest rates over recent months was likely to put pressure on consumers and those people who had taken out large mortgages through the COVID pandemic.

The bank, which as late as November last year was signalling interest rates could remain at 0.1 per cent until 2024, started lifting rates just ahead of the May election. The official cash rate is now at a seven-year high of 2.35 per cent with markets expecting rates to continue climbing.