Reserve Bank governor Philip Lowe also said there may not be a need for future interest rate rises, after the bank lifted the official cash rate from 0.1 per cent to 4.1 per cent in just over a year.Louise Kennerley
Lowe did not address his own future or the role of governor, but he noted that the review found the central bank had dedicated, highly skilled staff, and that its inflation target of 2-3 per cent was fit for purpose.Reserve Bank board meetings will now be held eight times a year, instead of the current 11 meetings.
Lowe said the post-meeting media conference will provide a “timely opportunity” to answer questions and explain the board’s decision.“Together, this is a significant package of reform that will contribute to better decision-making and communication.” Lowe noted that Australia’s central bank already differed from others in that the majority of the decision-makers on the board spend most of their time outside the RBA in other roles, and that would remain the case.
“In my view, it is right to allow the new board to consider these issues and make its own decisions after due deliberations.”
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