NCA NewsWire / gary Ramage

Does RBA Governor Philip Lowe Keep His Job?

A decision on who will be the next RBA Governor is expected mid-July with the question looming: will Philip Lowe remain in the job?

With a secret list of potential candidates, whose names are on the list?

Will it change how the RBA operates or are we just looking for a scapegoat following the huge number of cash rate rises.


On today’s episode of The Briefing, Jonathan Kearns, former RBA department head joins Tom Tilley to analysis Lowe’s tenure as governor and exactly who are the potential candidates to replace him.

Kearns says one important factor in determining Lowe’s future is his guidance back in 2021 that interest rates would stay at record lows. Fast forward to the present, the interest rate sits at 4.1 per cent, causing extreme financial difficulties for Australians.

Kearns does explain though the context of the guidance, which was said amid the Covid-19 pandemic.

“That’s certainly been a important factor and something that has received a lot of focus from commentators, the media etc. There’s a concern that that commitment exposed people to getting into more debt,” Kearns says.

“If we go back and think aboutt he situation we were in in 2021, we really think that we were going to be in the position wehere interest rates were going up by now.

“The concern was wuth the pandemic and the depth of the recession that we were experiencing, it was going to take a ling time to get out of that.”

So with this in mind, along with Kearns’ further explanation on today’s episode, does Lowe keep his job?

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