Philip Lowe has revealed the 'disturbing' letters Australians have been writing to him amid rising interest rates as he faced a grilling at Senate Estimates.
Reserve Bank of Australia Governor Philip Lowe has acknowledged Australians are"really hurting" after reading through letters he has been sent amid rising interest rates.
Mr Lowe maintains lifting the cash rate is necessary to bring inflation - currently running at 7.8 per cent - back within the target band of two to three per cent. Mr Lowe delivered his response after being asked by the Greens treasury spokesperson Nick McKim for his message to renters and mortgage holders getting"smashed" by interest rate rises while the major banks are generating"mega profits". for the six months to December 31 - nine per cent higher than the same period the year prior.
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