Reserve Bank Governor Philip Lowe has hit out at his critics during a lengthy grilling at Senate Estimates, declaring it is unpopular but necessary to hike interest rates.
Sky News Senior Political Reporter Trudy McIntosh said there were some “fierce exchanges” between Greens Senator Nick McKim and the RBA Governor.
“He acknowledged that this has been hurting households and he has been receiving letters, he said, from people who have been affected and with a very heavy heart he has been reading through and listening to people’s stories,” Ms McIntosh said. “But he argues that this is necessary to tackle inflation, which he says is corrosive in the economy and that is ‘way too high’.”
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
RBA Governor Philip Lowe to be grilled at Senate Estimates hearingReserve Bank Governor Philip Lowe will be publicly grilled in Canberra on Wednesday amid criticism of the bank’s decision to raise interest rates. Mr Lowe will face questions from politicians across the political divide at the Senate Estimates meeting at 11:15am on Wednesday after nine consecutive rate rises.
Read more »
Parliament Live: RBA Governor Philip Lowe set for grilling in SenateReserve Bank Governor Philip Lowe is set to come under fire during Senate Estimates following the ninth consecutive cash rate hike. Follow Sky News Australia’s continuous coverage of the major stories in Parliament.
Read more »
Australia politics live: RBA governor Philip Lowe to face Senate grilling, Greens set up climate showdownFollow live
Read more »
Australia inflation updates LIVE: RBA governor Philip Lowe tells Senate inflation is ‘way too high’Reserve Bank governor Philip Lowe says monetary policy is acting too slowly on the Australian economy. He says headline inflation at 7.8 per cent is “way too high”. Follow updates here.
Read more »
RBA Governor ‘under a lot of pressure’ this weekSky News Business Reporter Ed Boyd says it is a “huge week” for the Reserve Bank Governor Philip Lowe, ahead of two days of grilling by both the Senate and House of Representatives economics committees. “So he’s got two public appearances this week – he’s obviously under a lot of pressure,” he said. “There’s going to be a lot of questions for Governor Lowe.”
Read more »
RBA governor appearing before two parliamentary committees will be ‘difficult’ sessionsIndependent Economist Warren Hogan says the RBA Governor appearing before two parliamentary committees this week will be a “difficult session” to expand on and explain rate hikes. “They have been briefing market participants after the event ... for well over a decade, it goes back to previous governors,” Mr Hogan told Sky News Business Reporter Edward Boyd. “I think the problem here is the perceived big shift in stance, which I don’t agree they’ve shifted much, but that perception combined with the fact he didn’t do the press club lunch. “It’s going to make for obviously an even trickier week than what was always going to be a very difficult session in front of the politicians this week.”
Read more »