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Cabinet will meet soon to discuss whether RBA governor Philip Lowe will have his term extended, as Treasurer Jim Chalmers revealed he has consulted the opposition on the looming announcement.
Cabinet will meet soon to discuss whether RBA governor Philip Lowe will have his term extended, as Treasurer Jim Chalmers revealed he has consulted the opposition on the looming announcement.
Describing it as one of the most important appointments the government will make, Dr Chalmers said he would take his recommendation to cabinet “soon” about whether Dr Lowe will be replaced when his term ends in September.
“There’ll be a cabinet discussion before long about it. And then ideally, I would make an announcement immediately after that,” he told ABC radio on Wednesday.
“I’m not obligated to do that in any way. Not even under the new arrangements proposed by the Reserve Bank review am I obligated to have that conversation,” Dr Chalmers said.
“But I want to be consistent with the spirit of the RBA review, and I want to be respectful to the views of the opposition, so I’ve given them an opportunity to feed into our considerations.”
The Reserve Bank of Australia left rates unchanged at the July meeting in line with the OIS market pricing the probability of a rate hike at ~34%. Pol
[See the full post at: RBA Holds Rates at Ten Year High 4.10%, For Second Straight Meeting]
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