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Philip Lowe’s term as governor of the RBA ends
By Rachel Clun
Philip Lowe will not remain governor of the Reserve Bank, this masthead has confirmed.
Cabinet will meet this morning to hear the treasurer’s pick of who will take the top job.
Reserve Bank governor Philip Lowe will not be reappointed. Credit: Dan Peled
Lowe’s tumultuous seven-year term as Reserve Bank governor will not be extended when it expires in September.
More to come.
Dutton says RBA governor cannot be ‘in pocket’ of treasurer, PM
By Caroline Schelle
Opposition Leader Peter Dutton says the replacement of Reserve Bank governor Philip Lowe cannot be “in the pocket” of the treasurer or finance minister.
“You can’t have somebody who is in the pocket of the treasurer or the finance minister,” Dutton told Nine’s Today show this morning.
Opposition Leader Peter Dutton has continued saying the new RBA governor must be independent. Credit: AAP
Dutton repeated comments he made yesterday that the governor cannot be “tainted” by an association or friendship by someone who worked with the treasurer, the finance minister and the prime minister.
“It has to be somebody who is independent and will work to support the government if they choose somebody of that nature,” he said.
The Liberal leader said the government “character-assassinated Phil Lowe” over last six or 12 months for doing his job.
“He’s just done his job in conveying, he’s the messenger and just reacting to the government’s bad policies.”
Former treasury official says Lowe decision was the correct call
By Caroline Schelle
Former Treasury economist and economics professor Steven Hamilton has backed the decision not to reappoint Reserve Bank of Australia governor Philip Lowe.
Hamilton, who is currently a professor at the George Washington University in the US, told ABC radio this morning that it was the right decision, but it was “unfortunate timing”.
“I think it’s the right decision,” he told RN Breakfast this morning.
“It is unfortunate that we have the most significant inflationary episode in three decades ... and a hell of a ship to turn at a time where the governor ... was due to be reappointed or no longer continuing.”
The former Treasury economist said there might be a “widespread perception” Lowe was sacked because he raised interest rates.
“That’s not the case, the governor is actually doing what he needs to do ... to arrest inflation, he’s doing it in the same way that other central banks are doing.
Hamilton said the review into Australia’s central bank found inflation was “far too low”, unemployment was too high, and the economy was running “too cool” and as a result hundreds of thousands of people didn’t have jobs who otherwise could have.
“This came down at the end of the day his management, part of the pandemic was mismanaged, this guidance that interest rates would stay on hold until 2024 was a mistake and he [Lowe] has admitted it was a mistake,” the former treasury official said.
Three key contenders for the Reserve Bank’s top job
By Millie Muroi and Rachel Clun
And here is some more information on the three top contenders to replace current RBA Governor Philip Lowe, who this masthead confirmed will not be reinstated.
RBA deputy governor Michele Bullock, Finance Department secretary Jenny Wilkinson and Treasury secretary Stephen Kennedy are among the candidates for the RBA’s top job.Credit: Alex Ellinghausen, Oscar Colman
Stephen Kennedy
Seen as one of the top candidates for the job, Stephen Kennedy has been Treasury secretary since September 2019 and sits on the Reserve Bank’s board. Prior to Treasury, he held senior roles in several government departments, including deputy secretary at the Department of Prime Minister and Cabinet.
Kennedy is considered an “outsider” because he has not worked within the bank.
The last time a bank outsider was made governor was in 1989 when then-Treasury secretary Bernie Fraser was appointed.
Jenny Wilkinson
Wilkinson, who was made Finance Department secretary last year, is also in the running. She has held senior positions across several departments and agencies, including the Treasury and the Parliamentary Budget Office. She began her career at the RBA.
AMP chief economist Shane Oliver said Wilkinson was widely seen as the strongest candidate because of her broad range of experience and because she appeared to be in the treasurer’s good books.
“She may appear in some commentators’ views as a favourite because the treasurer has spoken favourably of his dealing with her when they were in opposition,” Oliver said.
Michele Bullock
The Reserve Bank’s first female deputy governor, Bullock has held the role since her appointment last year and has been at the bank since 1985. As deputy governor, she is second-in-command after Lowe and is considered a strong contender for the top job.
It’s a well-trodden path, with Lowe and his two predecessors – Glenn Stevens and Ian Macfarlane – all serving as deputy before being promoted to governor.
GSFM advisor Stephen Miller said Bullock would be an outstanding candidate because of her balanced abilities.
Philip Lowe’s term as governor of the RBA ends
By Rachel Clun
Philip Lowe will not remain governor of the Reserve Bank, this masthead has confirmed.
Cabinet will meet this morning to hear the treasurer’s pick of who will take the top job.
Reserve Bank governor Philip Lowe will not be reappointed. Credit: Dan Peled
Lowe’s tumultuous seven-year term as Reserve Bank governor will not be extended when it expires in September.
More to come.
‘Perception’ important around RBA governor, Hume says
By Caroline Schelle
The opposition’s finance spokeswoman Jane Hume has spoken about potential candidates for the Reserve Bank governor.
It comes as Treasurer Jim Chalmers is expected to announce the next governor of the Reserve Bank today, and Treasury Secretary Steven Kennedy and Finance Secretary Jenny Wilkinson are in the running for the role.
Speaking on Nine’s Today program this morning, Jane Hume was asked about their qualifications, and said she had “no doubt about their ability”.
Opposition finance spokeswoman Jane Hume. Credit: Alex Ellinghausen
“It is about perception and particularly markets. Markets respond to RBA governors.
“So, we want to make sure the perception is there, not just the perception is there, not just the reality,” Hume said this morning.
The Liberal senator said it was the government’s decision, but was also done in consultation with the opposition.
“We want to make sure that the right person is there,” Hume said.
But she added there was no issue with the bank’s deputy governor Michele Bullock, because she was not a public servant.
“I wouldn’t include her in that mix. It is more about the current heads of departments, Jenny Wilkinson and Steven Kennedy,” she said.
“Great people, hugely qualified, worked with both of them very closely. Great admirers of both, it is just the fact they are such recent public servants.”
Dutton warns he wouldn’t support ‘tainted’ choice for next RBA governor
By Rachel Clun
Opposition leader Peter Dutton has threatened to withhold support for the government’s choice of Reserve Bank governor if the candidate were “tainted” from working closely with government – a comment former bank head Bernie Fraser has rubbished.
Treasury Secretary Steven Kennedy and Finance Secretary Jenny Wilkinson are among the country’s top economists tipped to be in the running for the job of RBA governor.
Treasurer Jim Chalmers is widely expected to announce the next governor of the Reserve Bank on Friday, with current governor Philip Lowe’s seven-year term set to expire in September and work under way to reform the bank following the independent review.
Opposition Leader Peter Dutton at an Institute of Public Affairs event earlier this month.Credit: Dominic Lorrimer
“We’ll support the government when they make the announcement, but not if it’s somebody who is tainted, or can be seen to be tainted – even if it’s somebody of a very high calibre and character – and whether it’s been somebody that’s worked closely with the Liberal or Labor government before,” Dutton said on Sydney’s 2GB radio yesterday morning.
“We don’t want somebody there who’s been involved in the political process at a senior level, and I think that’s a very important point to make, and we’ve made that clear to the government as well.”
Losing the Voice will have no impact on PM’s leadership: Farrell
By Latika Bourke
Labor powerbroker Don Farrell says there will be no impact on Prime Minister Anthony Albanese’s leadership if he loses the Voice referendum to be held later this year.
Farrell, a Labor-Right factional leader who was instrumental in withdrawing support for Kevin Rudd in the leadership coup of 2010, has become a key ally of the prime minister, despite Albanese hailing from the party’s Left faction.
Prime Minister Anthony Albanese’s leadership has the backing of powerbroker Don Farrell, even if the Voice referendum fails.Credit: Dominic Lorrimer
The Special Minister of State, who has responsibility for the independent Electoral Commission, which will run the vote, likely to be held in October, said he still believed the referendum could be won.
He rejected speculation the referendum would be voted down, saying the Indigenous Voice to parliament enjoyed support from women and younger voters.
“I don’t think you can say that at this point,” he said in an interview in Brussels, where he held two days of negotiations on the stalled EU-Australia trade deal.
Australia bids to settle feud with Japan over gas
Foreign Affairs Minister Penny Wong has moved to take the heat out of a feud with Japan over gas exports, declaring Australia was committed to being a reliable energy supplier and revealing Climate Change and Energy Minister Chris Bowen would fly to Tokyo in a bid to ease concerns about Labor’s climate policy.
Australia and Japan are close partners and members of the Quadrilateral Security Dialogue, also comprising the United States and India. But there has been unease in Tokyo about new rules introduced by the Albanese government on July 1 that demand new liquified natural gas fields have net zero emissions.
Australian Foreign Minister Penny Wong at a meeting in Jakarta. Credit: Reuters
Australia provides about 40 per cent of Japan’s gas, and it has taken issue with the new policy, worried about the impact it may have on its energy security.
“If this issue cannot be resolved, this might undermine long-trusted relations,” Yuki Sadamitsu, the director-general of natural resources and fuel at Japan’s Ministry of Economy of Trade and Industry was quoted by The Wall Street Journal as saying.
This morning’s headlines at a glance
By Caroline Schelle
Good morning, and thanks for your company.
It’s Friday, July 14. I’m Caroline Schelle, and I’ll be anchoring our live coverage for the first half of the day.
Here’s what you need to know before we get started:
Treasurer Jim Chalmers is widely expected to announce who will head the Reserve Bank of Australia today.Credit: Bloomberg
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2023-07-13 21:54:16Z
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