Philip Lowe’s long and gradual fall from grace after the many failures of the RBA
Philip Lowe, Governor of the Reserve Bank of Australia (RBA), has seen a long and gradual fall from grace after the many failures of the RBA. Lowe has been in the role since 2016 and has seen the RBA’s monetary policy struggle to keep up with the changing economic landscape.
The RBA has been widely criticised for its failure to address the country’s economic issues. Lowe’s attempts to stimulate the economy through interest rate cuts and quantitative easing have been largely unsuccessful. The RBA has also been criticised for its lack of action on the housing market, with house prices continuing to rise despite the central bank’s efforts to cool the market.
Lowe and the RBA have also been criticised for their handling of the coronavirus crisis. The central bank has been slow to respond to the economic impacts of the pandemic, with the RBA’s stimulus package being criticised for its lack of urgency. The RBA has also been accused of failing to provide enough support to small businesses and households.
Lowe’s reputation has been further tarnished by the recent scandal involving the banking regulator. The regulator has been accused of failing to properly investigate allegations of misconduct by the banks, and Lowe has been accused of not doing enough to address the issue.
Lowe’s long and gradual fall from grace has been compounded by the failure of the RBA to meet its inflation target. The central bank has consistently missed its target of 2-3%, with inflation remaining below the target for the last two years. This has led to criticism that the RBA is not doing enough to stimulate the economy.
Lowe and the RBA have come under increasing pressure to address the country’s economic issues. The central bank has recently announced a new round of stimulus measures, but these have been criticised for being too little, too late. Lowe’s reputation has been tarnished by the RBA’s failures, and it remains to be seen if he can restore his credibility.