Reserve Bank boss unleashes: Philip Lowe slams FIVE myths about what he said about the Australian economy in his final message to the country
Reserve Bank boss unleashes: Philip Lowe debunks FIVE myths about what he said about the Australian economy in his latest message to the country
- Philip Lowe delivers his final luncheon speech
Outgoing Reserve Bank governor Philip Lowe has let go of his critics and the media, claiming that there were five myths circulating about him that were not true.
Dr. Lowe used spin to suggest his 2021 forecast that interest rates would hold until 2024 “at the earliest” was a prediction, not a promise.
“In addition to these points, there are many more points that have been attributed to me, including: a that interest rates would not rise until 2024,” he told the Anika Foundation in Sydney.
He made this defense even as he made these predictions in several monthly Reserve Bank decision statements in early 2021, suggesting that cash rates would remain at a record low of 0.1 percent through 2024.
He also refuted suggestions that young people should get roommates after he made comments about the rent crisis at a budget estimates hearing.
‘Everyone needs a roommate; people have to work longer hours to make ends meet; and young adults should stay home because of the rent crisis,” he said.
Outgoing Reserve Bank Governor Philip Lowe has let go of his critics, claiming that there are five myths circulating about him that are not true.
He also attempted to show footage of him walking to a stage at a Morgan Stanley event during Justin Timberlake’s Can’t Stop the Feeling on Nine’s A Current Affair.
“Still, I didn’t make these points. Nor did I choose Justin Timberlake to accompany me when I was on stage recently.”
Dr. Lowe also had to deal with the media for being sensational.
“My view is that we will get better results if the public square is filled with facts and nuanced and informed debate, rather than vitriol, personal attacks and clickbait,” he said.
“As a society, we have work to do here.
“My experience here highlights the difficulties of communicating in the social media and digital age.
“Despite these difficulties, I have always felt a responsibility to explain complex ideas, as well as the trade-offs and uncertainties we face.
“I know that some of my explanations miss the point. But the media also have a responsibility.’