Sky News can confirm Reserve Bank Governor Philip Lowe will be replaced as his term will not be renewed past September.
Despite being seen as one of the best economists of his generation, the writing was seemingly on the wall for Mr Lowe after he became a lightning rod for the public anger related to cost-of-living pressures.
Shadow Trade and Tourism Minister Kevin Hogan even accused Labor of using Mr Lowe as a scapegoat for their policy mismanagement surrounding cost-of-living.
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