Reserve Bank governor Philip Lowe has apologised to the thousands of Australians who took out mortgages expecting interest rates to stay unchanged until 2024.
Lowe, giving evidence to a Senate estimates committee for the first time, said the RBA had failed by not making clear that its commentary about steady interest rates was heavily conditional on the state of the economy. RBA Governor Philip Lowe has apologised to people who took out mortgages thinking interest rates would not rise.The governor has come under fire over the rapid increase in official interest rates since May this year. The cash rate has climbed from 0.1 per cent to 2.85 per cent with markets expecting
next week. But as late as November last year, Lowe was signalling the bank was likely to hold the cash rate steady until 2024.
Source: Financial Digest (financialdigest.net)
There should be no interest rate movement 2 months before and after Christmas as the figures are flawed by seasonal spending. They say seasonally adjusted but it’s all BS. This guy also needs to realise that interest rates as a tool went out with the turn of the century.
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