RBA’s Lowe defends record, but admits some mistakes

Outgoing Australian governor says guidance was wrong but that media worsened policy debate

Philip Lowe
RBA governor Philip Lowe
Photo: Crawford Forum/Flickr

The Reserve Bank of Australia’s outgoing governor, Philip Lowe, has defended his seven-year tenure but admitted to mistakes in the central bank’s communication and stimulus measures.

Lowe called for greater co-ordination between monetary and fiscal policy, and said the central bank had erred in its estimation of future policy rates. His 43 years at the RBA will end on September 17, after Australia’s Labor government named his deputy Michele Bullock as governor.

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