40 years in central banking, 7 as the Governor of the #RBA, and all he's got to say is “there might be a better way”.

No suggestion as to what they may be.

No attempt, as governor, to find them.

Actively avoiding cooperating with the recent external review on this exact point.

But sure, as he goes out the door, throw out some words of wisdom like that. Why not?

Fuck Phillip Lowe.

#auspol

https://www.abc.net.au/news/2023-08-13/philip-lowe-says-there-could-be-better-ways-to-manage-inflation/102722798

The Commonwealth Bank posted a bumper annual profit of more than $10 billion this week, after a year of rising interest rates. The bank's CEO acknowledged that this is an "increasingly challenging period" for customers. The #banks blame the #rba for record #profits #cba

https://www.youtube.com/watch?v=zuGHrNCp_QI

#RBA

https://thenewdaily.com.au/finance/2023/07/19/rba-inflation-we-must-bring-down-profits/

"What if Reserve Bank Governor Philip Lowe and his successor Michele Bullock were able to achieve something truly remarkable — a steady decline in inflation without further interest rate increases, and without bringing on a recession?”

WTF would the #RBA get any credit here? Inflation went up due to external factors. It's now going down due to external factors. To the extent that there is any locally-generated inflation, it's the interest rate hikes that are the primary driver of it!

The RBA could quite literally have done _nothing_ for the last year, and inflation would have had a very similar curve. Furthermore, it would have been an excellent signal that the inflation wasn't likely to be long-term – which is the whole signal they wanted to send!

https://www.abc.net.au/news/2023-07-19/australia-brink-rate-hikes-economic-first-inflation-recession/102616070

@HardBeingGreen it’s going to be split in two and bring in more external people to make rates decisions and oversee the central bank.

https://www.abc.net.au/news/2023-04-20/reserve-bank-overhaul-jim-chalmers-board-replacements/102245218
#RBA #Auspol

How refreshing to see David Speers #Insiders using #FaddenVotes and the appointment of the new #RBA governor to try and score points for #LNP and Peter Dutton. No matter how hard he tries, he just can’t land a blow on Jim Chalmers who is far to smart for #SkyNewsLite wonder boy. #auspol

#RBA #auspol
Michele Bullock is said to be ‘eminently qualified’ for the governor’s job, that she is a leading economist. They used to say that about Philip Lowe.
But recently she went on record saying unemployment had to rise to bring inflation under control. Was she just being a dutiful deputy talking this crap to toe the corporate line, or does she truly believe this?
In my experience, when a major organisation requires a deep clean; it’s better to bring someone in from the outside

Perhaps #MicheleBullock will be a very good choice for #RBAGovernor. Her long corporate memory means she can remember a time when the #RBA wasn’t politicised and corrupted by an unprincipled and unethical government.

https://www.abc.net.au/news/2023-07-14/is-michele-bullock-the-right-choice-as-rba-governor/102602314

“a case stufy of #Albanese’s capacity for ruthlessly pragmatic politics when he sees advantage” / #RBA interest rates: Phil #Lowe politically executed by government that praises his policies #Australia https://www.smh.com.au/politics/federal/the-political-execution-of-a-fearless-public-servant-phil-lowe-20230714-p5doab.html

bullock · governor · michele · rba
https://papercliff.github.io/redirect/?q=bullock+governor+michele+rba&tbs=cdr:1,cd_min:7/13/2023,cd_max:7/15/2023
#news #governor #rba

Deputy RBA Governor Michele Bullock named new RBA governor, replacing Philip Lowe. She's the first woman to lead the #RBA, and has spent her entire career with the central bank since 1985, almost 40 years.

Bullock was a senior part of the team that made all the very bad decisions where interest rates were allowed to go too low in the first place, creating the asset bubbles and potentially bad loans in the property sector. The only person trying to fight inflation is getting sacked.

Lowe’s biggest mistake was as a Deputy Governor and Governor of the RBA managing a housing bubble and feeding debt to households like crack cocaine. And overseas Central banks and inflation forced his hand to take away the punch bowl.

With a new RBA governor and new rules for the RBA, its worth noting that successive federal governments have spent years (both LNP/Labor) forcing monetary policy to do the heavy lifting in the economy. That's a much greater failure than any of Lowe's and there is minimal accountability.

A bad call and a bad message to send in the middle of an inflationary cycle. Lowe is being scapegoated ultimately for repeated Government failures.

Michele Bullock will become the ninth Reserve Bank governor. #RBA

Golden, or, lead parachute???
#RBA

https://www.abc.net.au/news/2023-07-14/philip-lowe-will-not-be-re-appointed-as-reserve-bank-governor/102599994?utm_source=sfmc&utm_medium=email&utm_campaign=abc_news_newsmail_am_sfmc&utm_term=&utm_id=2157629&sfmc_id=223395461

https://www.theguardian.com/australia-news/2023/jul/13/next-rba-governor-should-not-be-a-senior-public-servant-peter-dutton-says Is this an argument in favour of appointing a senior public servant #RBA

“Next RBA governor should not be a senior public servant, Peter Dutton says”

What the #RBA needs is an under-appreciated coal miner or online gambling executive.

https://www.theguardian.com/australia-news/2023/jul/13/next-rba-governor-should-not-be-a-senior-public-servant-peter-dutton-says?CMP=Share_iOSApp_Other

"The name's Dutton, Peter Dutton & I'm from the No-alition..."

#HerrSpud #auspol #RBA

https://thenewdaily.com.au/news/politics/australian-politics/2023/07/13/peter-dutton-rba-governor/?utm_campaign=PM%20Extra%20-%2020230713&utm_medium=email&utm_source=Adestra&lr_hash=

#RBA #shakeup #theshot #auspol

https://chaser.com.au/general-news/rba-shake-up-will-only-have-25k-lunches-eight-times-per-year/

So, even LESS work for MORE money - right???

#RBA #auspol

https://www.abc.net.au/news/2023-07-12/phil-lowe-rba-review-and-monetary-policy-changes-announced/102586224?utm_source=sfmc&utm_medium=email&utm_campaign=abc_news_newsmail_pm_sfmc&utm_term=&utm_id=2155760&sfmc_id=223395461

https://www.abc.net.au/news/2023-07-11/central-banks-may-be-about-to-blow-up-the-economy/102585206 I see their actions as part of the problem #RBA

Still working for the liberals...
Of course they want him to stay #auspol #RBA

https://inqld.com.au/politics/2023/07/06/poor-old-philip-lowe-libs-call-for-reserve-bank-boss-to-be-retained-not-demonised/