A Liberal backbencher has come to Philip Lowe’s defence ahead of the imminent decision on his future, declaring his removal could amount to the government interfering with the Reserve Bank’s independence.
was an attempt to pass the buck for Australia’s worsening inflation woes onto the RBA.
But concerns have been raised over the government handpicking one of their own top bureaucrats to take the reins of the central bank. But he then declared he was growing increasingly concerned about “political interference” with the Reserve Bank governorship. “They’ve got to tread very carefully it’s almost unprecedented territory here to be doing this particularly during a tightening cycle and I think the consequences for the institutional framework could be very significant.”
As a result of rising inflation, the Reserve Bank has used its monetary policy tools to attempt to slow the economy. Both the RBA and the government claim the inflation is the single most important challenge facing the economy.Senator Bragg said even if Dr Lowe was removed, the inflation struggle would remain the same because the government “keeps on spending more and more money”.
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