#philip lowe

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Philip Lowe

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Philip Lowe

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House prices jumped $52,600 in three months, and the RBA says it can't do much about it

Reserve Bank governor Philip Lowe says he understands concerns about rapid house price growth, but it's helping household wealth to grow.

“RBA governor Philip Lowe said he had said it before, but it was not the role of monetary policy to target house prices. "Ever-rising housing prices relative to income, I don't think serves our collective good very well, it's something that as a citizen I would like to see addressed, but as a central bank we can't do anything about," he said.

Dr Lowe said he also did not understand why financial markets were assuming he would start lifting the cash rate target next year.

He said he would only lift the cash rate when wages were growing at an annual pace of 3 per cent at least, and when inflation was comfortably within a 2 to 3 per cent band.

The cash rate target is currently sitting at a record-low 0.1 per cent, which is feeding the rapid growth in house prices.

"Our judgement is that this condition for a lift in the cash rate will not be met before 2024," he said.“

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Australia wake up. The charter of the RBA is clear - 

...to ensure that the monetary and banking policy of the Bank is directed to the greatest advantage of the people of Australia and that the powers of the Bank … are exercised in such a manner as, in the opinion of the Reserve Bank Board, will best contribute to:

the stability of the currency of Australia;

the maintenance of full employment in Australia; and

the economic prosperity and welfare of the people of Australia.

Amazingly, this RBA dismisses Housing as ‘out of our control’ when Housing is the biggest contributor to Australia’s domestic economic growth and single-handedly determines the prosperity and welfare of its people. 

The RBA has admitted it simply doesn’t understand why housing would be in the scope of its charter. That’s incompetence. That’s negligence. And the OECD is right to audit the RBA. 

Monetary and banking policies directly affect housing, wages, and inflation. To say that ‘oh, we can’t do anything about housing’ - is an affront to anyone with common sense. It’s all connected moron. 

Perhaps what Lowe should have said “We WON’T do anything about housing” - that’s likely what he meant... fucking parasite.  

Where is the outrage?

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Statement by Philip Lowe, Governor: Monetary Policy Decision

Statement by Philip Lowe, Governor: Monetary Policy Decision

At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent.

The global economy has strengthened over the past year. A number of advanced economies are growing at an above-trend rate and unemployment rates are low. The Chinese economy continues to grow solidly, with …

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Statement by Philip Lowe, Governor: Monetary Policy Decision

Statement by Philip Lowe, Governor: Monetary Policy Decision

At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent. The global economy has strengthened over the past year. A number of advanced economies are growing at an above-trend rate and unemployment rates are low. The Chinese economy continues to grow solidly, with …

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Australia Keeps Rates On Hold

Australia Keeps Rates On Hold

Australia’s central bank decided to leave its key interest rate unchanged at a record low, as widely expected, on Tuesday. The board of the Reserve Bank of Australia, governed by Philip Lowe, maintained the cash rate at 1.50 percent. The bank noted that the low level of interest rates is continuing to support the Australian economy. The Bank’s central forecast is for the Australian economy to…

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Tax cuts must not blow out budget: RBA

Tax cuts must not blow out budget: RBA

The head of the Reserve Bank has warned any corporate tax cut in Australia cannot come at the expense of higher budget deficits and says recent cuts to business taxes in the United States are “problematic”. RBA governor Philip Lowe says the US, UK and Europe have either cut corporate taxes or are…

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Australia Keeps Rate Unchanged

Australia’s central bank maintained its key interest rate at its first meeting of the year and remained upbeat about growth prospects despite slow household income growth. The board of the Reserve Bank of Australia, governed by Philip Lowe, maintained the cash rate at 1.50 percent, the bank said in a statement on Tuesday. The bank had reduced the rate by 25-basis points each in August and May…

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