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It's time for Lowe to go

Media Release
Nick McKim 6 Sep 2022

Philip Lowe should resign as Governor of the Reserve Bank for misleading Australians about interest rate rises, the Greens say.

“Dr Lowe induced hundreds of thousands of Australians into taking out massive mortgages by effectively saying that interest rates would not rise until 2024,” Greens Treasury and Economic Justice spokesperson Senator Nick McKim said.

“Having failed to keep that commitment, he should now resign.” 

“The preconditions that Philip Lowe set for increasing rates have not been met.”

“Australians are in a cost of living crisis that is being driven by global supply problems and corporate profiteering, not wages.”

“Today’s rate increases will not clear supply chains or bring down energy prices, but it will smash small business, mortgage holders and renters who are not responsible for the problem.”

“And instead of highlighting record high corporate profits, Philip Lowe has called for workers to shoulder the load and brace for further cuts to real wages.”

“The RBA Governor should not be jawboning down wages.”

“Philip Lowe has been captured by corporate interests.”

“The RBA themselves have said that inflationary pressures may be transitory.”

“Consumer sentiment is very low.”

“People are already walking on eggshells.”

“They don’t need to be hit with a sledgehammer.”

“There is no need for the RBA to blindly follow the US Federal Reserve.”

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