The Australian government will finalize its decision on the next RBA governor within weeks

Australian Treasurer Chalmers’ statement on the central bank.

Current Reserve Bank of Australia Governor Lowe’s term expires in September. He has made some bad missteps during his tenure, including the foolish promise (

) to the Australian people back in 2020 that the Bank wouldn’t be raising rates until 2024 at the earliest, before raising them first in May of 2022 and hiking month after month since.

The government conducted a review of the Bank this year and will usher in changes. Its thought Lowe has a decent chance of remaining in the big chair while the changes are implemented, as somewhat of a steadying influence. We’ll soon find out.

I’ve posted this before, but it’s indicative of the loss of credibility the Bank has suffered (language warning on this video):

This article was written by Eamonn Sheridan at Source