Philip Lowe declares that the Reserve Bank is changing forever and reveals how this will affect interest rate decisions for Australians
The Reserve Bank Governor has announced permanent changes
Beleaguered Reserve Bank governor Philip Lowe has unveiled major changes that will affect Australia’s key interest rate-setting body after a review.
From next year, the RBA will hold eight board meetings instead of 11, taking decisions in February, May, August and November.
The meetings will run from Monday afternoon to Tuesday morning with a media conference after each meeting at 3.30 pm.
An impromptu vote on what the nine board members decided on monetary policy will also be released.
Dr Low, who faces a replacement after his seven-year term expires on September 17, revealed on Wednesday how the recommendations would be implemented.
“I don’t know if I’m the happiest central banker but I’m the luckiest,” he said at an Economic Society of Australia lunch in Brisbane.
Beleaguered Reserve Bank governor Philip Lowe has unveiled major changes that will affect Australia’s key interest rate-setting body after a review.
He faces his lowest term as governor in nearly three decades after suggesting interest rates in 2021 will be on hold at a record-low 0.1 percent until 2024 ‘at the latest’.
RBA review by Professor Carolyn A. was directed by Wilkins, former senior deputy governor of the Bank of Canada; Professor Renee Fry-McKibbin, Professor of Economics at the Australian National University; and Dr. Gordon de Brower, Public Sector Reform Secretary.