Reserve Bank governor Philip Lowe has apologised to the thousands of Australians who took out mortgages expecting interest rates to stay unchanged until 2024, saying the economy recovered much quicker than expected from a “dire situation”.
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)
swrighteconomy Seems like the everyone's central banks are incompetent all at the same time, coincidence , I don't think so GreatReset
swrighteconomy Ffs. Clowns who took out massive mortgages beyond their capacity thinking rates were never going back to normal we’re always gonna lose their homes. The RBA is just doing it’s job… and all the heavy lifting as the govt has abandoned the field on inflation and interest rates.
swrighteconomy He doesn't work for us. He works for the 'elites'. What he means, if you're smart, you should not listen to him as sometimes he will trick you into transferring more money to the elite.
swrighteconomy 🤦♂️
swrighteconomy He can shove his faux apology up his whatever 🙄
swrighteconomy Quite frankly if you took out a home loan in the past year and now feeling the pinch, I know it’s tough but you need to own your f-up. Poor risk management on your behalf.
swrighteconomy In any regular job, you would be fired for such a massive stuff up. But not the RBA Governor apparently.
swrighteconomy Fuck outta here. Corruption at its fullest
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RBA Governor Philip Lowe apologises to Australians struggling with mortgagesReserve Bank Governor Philip Lowe has apologised to Australians for giving them unclear guidance that led to hundreds of thousands taking out big mortgages in the expectation that interest rates would stay low until 2024. And we believe him NOT! Just another rich old white man who is out of touch with the people! A man being paid a mil a year by taxpayers shouldn’t be saying sorry. He should resign. A rise in wages would help people meet mortgage repayments. The Reserve Bank is against that?!? The ordinary person can’t win, can we?
Source: abcnews - 🏆 5. / 83 Read more »
Reserve Bank governor apologises for interest rate commentsBREAKING: Reserve Bank governor Philip Lowe has apologised to the thousands of Australians who took out mortgages expecting interest rates to stay unchanged until 2024. swrighteconomy swrighteconomy Lol what the fuck swrighteconomy Who could possibly have thought that. Seriously. 🤔 swrighteconomy It was such a dumb shit comment at the time, I locked in a fixed mortgage until then.
Source: theage - 🏆 8. / 77 Read more »
Reserve Bank governor apologises for interest rate commentsLowe 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. 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.
Source: brisbanetimes - 🏆 13. / 67 Read more »
Lowe apologises for interest rate guidanceRBA governor Philip Lowe has offered an unprecedented apology to Australians who took out loans based on guidance interest rates were unlikely to rise until 2024. 'Independent research has shown that hotcopper (owned by The Market Herald) employs a host of people to influence sentiment on stock forums aided by moderators in order to favour their trades' 🤡 🤡 🤡 🤡 🤡 HotCopper themarketherald Thanks bubble-o-phil! Which is all of zero people
Source: FinancialReview - 🏆 2. / 90 Read more »
Economy in the grip of a global commodity ‘super squeeze’HSBC Australian chief economist Paul Bloxham echoed Reserve Bank of Australia governor Philip Lowe’s warning this week of higher and more volatile energy prices ahead. Bloxham is a hack!
Source: FinancialReview - 🏆 2. / 90 Read more »
‘Different leadership’: Bank of Queensland chief George Frazis exitsBank of Queensland chief executive George Frazis is leaving the bank with immediate effect, with chairman Patrick Allaway to take on new responsibilities as executive chairman until a new CEO is found.
Source: brisbanetimes - 🏆 13. / 67 Read more »