Walk The World RBA Governor Lowe was quizzed by Senate Estimates yesterday and conceded that the repeated statements of no interest rate rise until 2024 may have mislead some people. This was important, though the apology which followed was not a real one.
Worth reflecting on this when Lowe is due to end his current term, and possibly be considered for another.
This is a short, where Lowe is quizzed by Senator McKim. See 3.50 for the specific question and half apology!
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Why don't they kick the central bank out
We could run our own country
Hollow word, will mean very little to the people that took his advice and brought over inflated homes and will not be able to service the debt as interest rates climb , and what is our Government doing to help with the inflation that will continue to rise in the next few years . They haven't a clue as usual.
Lowe needs to stop lying to Australian people about the cause of inflation and admit it is a direct result of his massive Monetary Stimulus and Friedenbergs massive fiscal stimulus and not supply side and war in Ukraine. The focus is in housing and mortgages and not the entire community suffering from high inflation. Raise rates to above the inflation rate, crash the property market ( and give the younger generation a go) get inflation under control and then let Australia get back on its feet. There is no soft landing following his stupidity just years of drawn out pain. Oh yes. And then step down. GM
What Piss Take.
What is he talking about the insurance package that they took back?
Lowe should now apologise for reducing interest rates to record lows a few years ago, which further stimulated price increases on an already overpriced housing market. These short-sighted policies has resulted in housing being out of reach for most first time homebuyers, as well as penalising pensioners and savers in the process.
RBA boss should be sacked for leading lambs to slaughter As he wouldve known that rates would rise due to overstimulated economies! If he reckons he didn't then he's lying through he's smile !
I’m not trying harder at work (being more productive) until my real wage goes up, until that day, I’ll do the minimum, I’ll put that effort into other parts of my life. Furthermore Phillip Lowe is an amateur and a cop out. I would love Phillip lowes productivity measured, that would be fascinating
@Martin north
If you made a shirt with Phillip Lowe’s head on it and “sorry you listened to me” I’d buy it immediately
Wearing a dupers delight smile while telling the peasants they're just not smart enough.
All care and no responsibility… Same ol' same ol'. Quote:- If the only tool you have is a hammer, you tend to see every problem as a nail.💥🔨Oops!🤦♂
Thanks for sharing this Martin
> we need to deliver 2.5% inflation tax every year
Still have to go etc along with their political accomplices,Australia is for the Australian people not a suckhole for assorted predators like majority foreign owned private banksters etc to plunder,ask China etc about it.
smiling assassin !!
How is it a non economist knew interest rates had to rise but the RBA had now idea. The Governor is incompetent. All I hear from the governor is blah blah blah!
That’s a very expensive sorry to accept for a lot of people.
The 🐘 in the room – House-POS Equity Mate🤑
Love the con that '2.5%' inflation is healthy. Ideal inflation is 0%.
So inflating property market was a good thing ? Especially when you mentioned we needed to improve production, make things how does pumping the property market make anything?
There's always a "but".
🙄
You have failed to meet the Reserve Bank objectives to increase the wealth and prosperity for Australians and keep inflation to around 2%. Your money printing helped create the inflation which has led to interest rate rises. You only met the full employment objective because Covid stopped immigration and created a labour shortage, no credit to you. Just resign.
Why can't capitalism get better at delivering things if it wants higher prices? This gaslighting turd needs to get flushed
A better question would have been.
Do you think the wording you used could have benefited the major banks in any way?
Soft questioning.
RBA was horrendously negligent to keep rates below 3% for so long. They are right to raise them. Over-tightening is better than under (historically), so he needs to keep raising rates hard.
APRA was completely negligent for setting clown-world low interest rate buffers that have been blown past on their way back to normal.
Australian's have been negligent in over borrowing, and those that cannot handle OCR rates at 6-8% deserve to reap the whirlwind, for the good of the country.
A whole lot of excuses but there wasn't a lot of responsible decision-making. Thanks Martin.
I'll accept their apology if they lift the cash rate to 6%.
Where is him being fired for being a nonce? Seriously if we had a Westminster system he would stand down on his own not wait for someone to fire him. Of course AnAl said he wont because the majors parties and especially the labor party is a party for the civil overlords not civil servants(because they don't serve the public, the public serves them).
“Sorry to all those who used my words as investment advise. That was not the purpose of my speech. Now listen to what I’m saying. Interest rates will continue to go up until we break the back of the economy and inflation falls.”
Arrogant peace of..,*
What exactly does the reserve bank produce?
The hubris is on another level
Delivering an apology with an ear to ear grin.
"I'm sorry people listened to what we said"
So am I Philip, so am i.
I think we would all do better to ignore what you say in the future.
This line of questioning is an example of how little the media (including financial) and our illustrious politicians understand the problem with Lowe and the RBA in general. Lowe inferencing rates wouldn’t rise until 2024 is a side show. So what if he got his forecast wrong by 18 months? That’s about the closest any of his forecasts have ever been! People don’t take out mortgages for just 18 months so it’s disingenuous to infer that this is why people took excessive risk (taking out mortgages they couldn’t afford). No, the reason why “Lowe must go” is because: a) the RBA under his watch has not got any of their forecasts even close to reality meaning their policy actions have never been the right ones (flawed assumptions = flawed actions), b) they dropped interest rates to zero not because there was any economic merit behind doing so but because everyone else was too. They MUST have known that free money at the same time of fiscal stimulus triggers speculation bubbles yet they did it anyway and are now pretending the inflation issues are external (like supply chains and the war). I call bullshit. God help us if this is the best questions our politicians can grill an RBA chair with.
Sorry doctor. Please resubmit your presentation as there is a lack of knowledge on the actual topic. If you require support please see your tutor.
Quote "I am sorry that people listened to what we said." He sounds like he is apologising but in reality he is blaming those he was speaking to for listening to him. They call that double speak. So what he is saying is we should not believe a damned word he says, ever…………… the garbage he is spouting is not to be taken seriously, and that he is just incompetent. Just another political lame duck. Thats what I get.
How Lowe still in his job is beyond me, there is zero accountability anymore
Sorry, not sorry.
Reminds me of Father Jack's apology. "I'm soooooo, soooooo sorry".
Seriously the RBA needs a clean out. We are sorry for the people believing us lol.
Phillip Lowe is a fool without honour. If he was a fool with honour he would have accepted responsibility for his foolishness and resigned.
Increase supply of Gas? We're the biggest producer and still pay more and get little tax. Other suppliers don't have our issue thus it's mismanagement. Trillions given away, just ask Sweden