RBA ignored own advice on 2024 interest rate guidance

Treasurer Jim Chalmers in July launched a major review

Dr Chalmers said on Thursday the review was not a performance review of Dr Lowe, whose seven-year term expires in September next year. “These stemmed from changes in the balance sheet, a greater presence in financial markets and the inherent difficulties in exiting such policies.”“Moreover, a major concern was that a more modest policy package might be seen as insufficient,” the bank noted.“Several other central banks quickly needed to scale up or broaden their initial interventions.

The RBA said the board was “well aware of the financial risks and capital implications” of bond purchases by the banks when the initial $100 billion bond-buying program was announced in November 2020 and later grew to $280 billion.The RBA’s annual report in October showed an accounting loss of $36.7 billion in 2021-22, pushing it into negative equity of $12.4 billion.The government will not receive a dividend from the RBA for at least a decade until the RBA rebuilds its financial buffer.

This guy needs to be fired otherwise we will fire labor government by next election

latingle This incompetent guy should be removed and sacked , why is such incompetent behaviour allowed to be the norm

attempt57 The previous regime seemed to have a lot of freewheeling highly paid narcissists who ignored advice because they knew better. And Mr Albanese has promised they won't be sacked. Why?

Don't give him another term Find better easily

So Lowe not only says rates won't rise till 2024 but he does $500bio worth of deals in the markets and lends 3yrs 0.1% which loses the RBAInfo BILLIONS. 10x the HIH disaster. Where is their risk management?!?

Australia's Biggest Corporate Losses: 3: HIH $5.3bio 2: DAYLIGHT 1: RBAInfo & Phil Lowe up to $58bio according to the AFR The RBA is in negative equity for the next 10years. Why is he still there? LoweMustGo

He will just 'carry on' with that stupid smirk on his face..

He takes the title of the worst performing employee of the year

Sack the bum. He's hurting so many Australians right now.

The most diverse RBA board (5 women, 4 men) ever has surely achieved the best possible course of action. Or do we get to choose when diversity suits us 🤡

I'm sure Gov Lowe is not losing any sleep about the review's conclusions.

latingle There should be a class action against him.

The ironic thing is Philip Lowe’s finished his tenure he’ll be awarded an order of Australia for his services.

Yeh but he said whoopsie-daisy so that makes up for the inflation and financial hardship.

TheArchitect_HC The sad part is how many people think getting rid of him will suddenly force their interest rates back down to emergency levels

And the government were ignorant of how money actually works during the print off… monetarypolicy

TheArchitect_HC Yep.. hmm.. no consequences..

latingle It beggers beliefs that the advanced economies of the world have to rely on stone age technology to fix inflation. Its a form of gambling & we are the chips. Another broken system.

Let alone why he's raising them at all, by this point..?

latingle And yet he still survives in that position.

Need a royal commission into all the lies and deception

latingle How does he still have a job?

latingle He's toast. Chalmers' comments today essentially confirmed it.

latingle Philip Lowe should have been sacked long before admitting that he mislead thousands of Australians with his dodgy forecasts

latingle What a mess!

latingle Why hasn’t he been stood down?

latingle I don’t understand how he still has that job

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