OPINION: There’s a handful of candidates in the mix to succeed Philip Lowe, but the dilemma for Jim Chalmers is there is no obvious replacement.
To be sure, Lowe has made mistakes. The errant 2024 interest rate rise guidance was obviously a poor call, in light of the nine interest rate rises and counting.attend a private meeting with financial market participants at investment bank BarrenjoeyWho would you trust more? A politician facing a three-year election cycle, or an independent central banker who has spent decades in monetary policy?
Chalmers will need to decide if Lowe, or a new change agent, is best placed to implement the report’s recommendations.Running the RBA is more than setting interest rates. It involves overseeing the national payments system, providing liquidity to the financial system, managing 1400 staff, chairing the Council of Financial Regulators, producing and issuing banknotes, attending global economic meetings, fronting parliament and taking questions from journalists.
, but remains a part-time director. He appears committed to forging a career in the energy transition and climate space, so a return to the RBA as governor would be a U-turn.is considered a highly competent second in charge. But she has only been in the job since April last year. It would be a huge leap to go from assistant governor, to deputy governor, to governor in just 18 months.
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