Reserve Bank boss declares he has ‘no intention’ of resigning despite breaking promise on interest rates
- Reserve Bank of Australia Governor Philip Lowe declared he won’t resign
Reserve Bank Governor Philip Lowe has declared he has no intention of resigning despite repeatedly promising interest rates would remain on hold until 2024.
The economist, on a $1.038million total pay package, expressed his determination to stay on as told a Sydney lunch about his future.
‘As I’ve said before, I have no intention of resigning,’ he told the Australian Payments Network Summit lunch on Wednesday.
‘I have an important job to do, it’s a responsible job, and I intend to do it.
‘We’ve got to get inflation down and that’s my focus. And I will keep doing that until at least mid-September next year.’
Reserve Bank Governor Philip Lowe has declared he has no intention of resigning despite repeatedly promising interest rates would remain on hold until 2024
Dr Lowe’s term finishes in September 2023, by which time he would have been governor for seven years.
‘I’ve got an important job to do, at least up until then,’ Dr Lowe said.
But with Treasurer Jim Chalmers ordering a review into the Reserve Bank’s monetary policy setting, Dr Lowe hinted this year could be his last.
‘Whether I can join you for a seventh time is not in my control,’ he said.
‘I hope so, but we’ll see.’
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