". The RBA's job, in Chalmers' words, is to "squash inflation without crunching the economy".
He could have added that Lowe is running out of time. Unless he gets an extension, his six-year term as RBA governor ends in September. That gives him just three more board meetings to make sure inflation is heading back towards the RBA's target of 2-3 per cent before he hands over to his successor. Lowe will get the official reading on inflation for the year to June on July 27. If it hasn't fallen to the 6.3 per cent the RBA expects, he is likely to increase rates again in August.Something that doesn't seem to be giving Lowe much grief is Friday's Fair Work Commission national minimum wage decision, trumpeted by the trade union movement as an above-inflation increase ofWhat the union movement didn't say, but Lowe knows well, is that it is an increase hardly anyone will get.
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