For decades, Australia’s central bank has been one of the country’s most venerated institutions, credited with helping to steer the country through its extraordinary era of growth. Read more at straitstimes.com.
For decades, Australia’s central bank has been one of the country’s most venerated institutions, credited with helping to steer the country through its extraordinary era of growth.
Since May last year, the bank has lifted interest rates from a record low of 0.1 per cent to 3.35 per cent – the quickest rise in decades. As a result, Dr Lowe, who has worked at the RBA since 1980 and completed an economics doctorate at the Massachusetts Institute of Technology, has faced growing questions about his future, including from several members of the ruling Labor party who believe his seven-year term should not be extended when it expires in September.
Dr Lowe’s testimony is set to receive nationwide attention and will not only shed light on the future of the economy, but on his own future as governor. Soaring property prices have left Australia with one of the world’s highest levels of household debt, but many homeowners have become accustomed to low interest rates.
But Dr Lowe has also been criticised over the bank’s refusal to lower rates before the pandemic, a decision that some analysts believe led to 250,000 fewer jobs being created.The Federal Government has ordered an independent review of the bank - the first such review in 40 years - with a report due in March.The review is likely to call for the bank to be more transparent about its decision-making.There is also growing concern about the fundamental role of the RBA in the economy.
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