The brutal moment Reserve Bank of Australia governor Philip Lowe is asked if he will resign

Australia’s most powerful banker was brutally asked if he would resign for raising interest rates five times despite vowing there would be no increase before 2024.

Reserve Bank of Australia Governor Philip Lowe on Thursday faced an uncomfortable question from Network Ten’s national affairs editor Hugh Riminton, asking if he would quit, noting how he was disliked by both hard Greens right-wing Nationals backbencher Matt Canavan.

‘You’ve achieved the unthinkable – you’ve managed to get the Queensland conservative Matt Canavan on a unity ticket with the Greens,’ Riminton said.

‘Both this week have called for you to be sacked.

‘What do you say to people who think that your resignation would help matters?’

Dr Lowe rebuffed a call to quit.

‘I can assure you I have no plans to resign,’ he told the Anika Foundation lunch. 

Bizarrely, Dr Lowe told the forum he had praise from people for putting up interest rates, which have this year risen at the fastest pace since 1994, after he was asked about inequality on RU OK Day.

‘It might come as a surprise to you that some people write to me saying, “Thank you for the higher interest rates”,’ he said. 

‘Most people with mortgages don’t like higher interest rates – it puts pressure on their budgets.’ 

Dr Lowe also disputed a suggestion he had last year promised to keep interest rates on hold at a record-low of 0.1 per cent until 2024 ‘at the earliest’.