New data shows that one in 10 households with variable-rate loans has little money left after paying their bills. RBA governor Philip Lowe said there are more rate rises on the way as the central bank tries to curb soaring inflation.
On the board, alongside the Governor, there is the Deputy Governor (Michele Bullock), the Secretary to the Treasury (Steven Kennedy), and six private sector board members who were appointed by the previous two treasurers, Josh Frydenberg and Scott Morrison
Of coarse they are !
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RBA interest rate updates LIVE: Philip Lowe warning on $350b fixed rate cliffAbout $350 billion in low-interest fixed rate loans will switch to higher variable rates this year, RBA governor Philip Lowe says. Follow updates here.
Source: FinancialReview - 🏆 2. / 90 Read more »
Government ‘subliminally’ shifting blame for rate rises to RBA GovernorThe government is subliminally “shifting the blame” for the interest rate rises to the Reserve Bank and its Governor Philip Lowe, former Victorian Liberal Party president Michael Kroger says. “So after September, when the rate rises have basically been done, they will say ‘wink, wink’ for the last year and a bit this was all that Philip Lowe who we got rid of,” he told Sky News host Rita Panahi. Thats ok he's on $1,2000,000+ per annum. That should insulate his 'I don't give a feck' attitude? Why not just blame the Bank for International Settlements in Basel, which dictates policy to all central banks?
Source: SkyNewsAust - 🏆 7. / 78 Read more »
‘Vast majority’ of RBA staff supported 2024 rates prediction: LoweThe Reserve Bank Governor has addressed criticism of comments he made during the COVID-19 pandemic that interests rates would stay low until 2024. Philip Lowe told a Parliamentary committee on Friday the RBA wanted to do everything they could to “get interest rates lower” during the period of economic turbulence. “We told people that we could keep interest rates low for as long as they were needed and that was probably 2024,” the Governor told the committee. “That was a view that I would say the vast majority of staff supported.” Mr Lowe said the board judged it best to make the mistake of “doing too much” and having to walk the comments back then “not doing enough”. “Now I get a lot of criticism for saying that but at the time, given the information we had, I wanted to do everything that I could to help the country,” Mr Lowe said. Lowe must go ! RBA need to rethink their strategy and stop the wealthy from overspending
Source: SkyNewsAust - 🏆 7. / 78 Read more »