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The RBA Says Sorry… Sort Of!

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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  1. 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.

  2. 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

  3. 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.

  4. 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

  5. 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.

  6. 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.

  7. 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).

  8. 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.

  9. 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.

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