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Philip Lowe's days are numbered?

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brerwallabi

brerwallabi

The Oracle
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Lowe while probably go down as the most known and most unpopular Reserve Bank governor ever.
Raising interest rates he states is in the national interest and hints at several more to come.
Great for some retirees like me with cash in hand however for my kids it’s not.
Both my kids have had to rebudget, magazines, Netflix, eating out, coffee shop visits, new phones, purchase of clothes and travel are now a thing of the past.
Business will suffer restaurants will close, shopping malls will feature empty shops, discretionary spend will hit retail business hard.
Housing prices will continue to fall, new car sales will falter, banks will will for lose defaulted loans.
A recession is looming he has made wrong decisions before he has been at the Reserve in positions for a total of eleven years we desperately need a change.
 
Lowe is on is own, the government does want to help with unpopular policies which could cost them the next election.
He could put pressure on the government with other alternatives which however he can’t action only the government can, no courage lets up the rates again.
 
brerwallabi said:
Lowe is on is own, the government does want to help with unpopular policies which could cost them the next election.
He could put pressure on the government with other alternatives which however he can’t action only the government can, no courage lets up the rates again.
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Certainly hope that he is borrowed time.
 
againsthegrain said:
so what do you want him to do? drop rates and fuel more inflation so the minority be bailed out by the majority?
poor netflix and coffee, as has always been said those things are a luxury not a right
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Not sure who you're addressing here. I think he shouldn't have said what he said, 'no rate hikes till 2024' But he said that, and is he really that incompetent or just a puppet? I don't envy the position he's in...... I just think we have to be careful when we say something that serious and then eat our words after (he had to, he had no choice)

The generation of today will find it harder with 'no interest rates hike till 24' went out an bought homes. Thinking back to the 80s, interest rates were a lot higher..... Digger Bonds were issued at 17% if I remember correctly (10 years, we invested in those) And we managed, we tightened our belts, worked at numerous jobs, paid off mortgage as fast as we possible could........I'm sure the young can manage , they'll adapt, and those that don't will struggle (only an opinion)

I have to be off, need to chase someone.... goodnight, and have a pleasant evening everyone.
 
eskys said:
Not sure who you're addressing here. I think he shouldn't have said what he said, 'no rate hikes till 2024' But he said that
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Did he really say it though? Is there footage of it recorded somewhere? Because as far as I can remember, what he actually said was something along the lines of "the board does not expect rates to rise until 2024", that's not the same thing as "rates will not rise until 2024". As far as I'm concerned the blame lies squarely on the media, they put the words in his mouth for the sake of sensationalism, as the media are wont to do.

My only beef with the RBA is that after the first few articles proclaiming "RBA guarantees rates won't rise until 2024" were published, the RBA should've immediately made a public announcement and clarified to people - that's not what we meant, the news outlets have misrepresented us, we meant that based on the currently available data we don't expect rates will rise until 2024, but we can't guarantee that they won't, because the economic data and statistics can change. Or something along those lines.

If he really did literally say "rates will not rise until 2024" then I agree he deserves the boot, but I find it very hard to believe that any economist will make a statement like that, when they know full well the data can change by enough in that sort of timeframe to make a complete mockery of such a statement.
 
Sharkman said:
Did he really say it though? Is there footage of it recorded somewhere? Because as far as I can remember, what he actually said was something along the lines of "the board does not expect rates to rise until 2024", that's not the same thing as "rates will not rise until 2024". As far as I'm concerned the blame lies squarely on the media, they put the words in his mouth for the sake of sensationalism, as the media are wont to do.

My only beef with the RBA is that after the first few articles proclaiming "RBA guarantees rates won't rise until 2024" were published, the RBA should've immediately made a public announcement and clarified to people - that's not what we meant, the news outlets have misrepresented us, we meant that based on the currently available data we don't expect rates will rise until 2024, but we can't guarantee that they won't, because the economic data and statistics can change. Or something along those lines.

If he really did literally say "rates will not rise until 2024" then I agree he deserves the boot, but I find it very hard to believe that any economist will make a statement like that, when they know full well the data can change by enough in that sort of timeframe to make a complete mockery of such a statement.
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i am surprised anybody still believes anything the RBA says ( no matter who the governor is )

they have been wrong so often despite fudging the data trying to fit the narrative

they had a tiny chance in November 2016 to shock the market , and resisted the opportunity

it would be nice if the data was true and accurate though give the few folks who understand real finance to invest carefully .
 
divs4ever said:
i am surprised anybody still believes anything the RBA says ( no matter who the governor is )

they have been wrong so often despite fudging the data trying to fit the narrative

they had a tiny chance in November 2016 to shock the market , and resisted the opportunity

it would be nice if the data was true and accurate though give the few folks who understand real finance to invest carefully .
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and especially media because they reshaped and put those words in rba's mouth, if anything we should go after the media and re gurus that were yelling the loudest to borrow borrow borrow
 
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the media do what the media do ... advertise

there has been a steady decline in integrity ( and the search for the truth will get you killed by either side ) for decades remember how it all got covered up in East Timor in the '70's , how long they hide 'The Joke' in QLD and literally dozens of other scandals

nearly everything mainstream is an advertorial or infomercial and the rest is blatant propaganda , throw in some scantily clad models to catch some attention

but some still believe the media much to their own misfortune

there are some interesting times coming
 
farmerge said:
Certainly hope that he is borrowed time.
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Lowe finishes up/retires come September '23 (seems can't come around quick enough lol)

Noted Lowe's reply when grilled in which he said "that inflation is a real danger to Aussie households" .. but hey meanwhile increasing mortgage rates doesn't hurt Aussie households it seems !? lol like seriously

P.S. Overpaid beauracrats out of touch with reality imo
 
I'd control prices to control inflation simple as that but then it would be considered Communism lol Oh and finish/ban privatisation - I'd put everything back under control of Government how it used to be like in Australia back in the good ol 60's - used to have a manufacturing industry back then too & make car's lol
 
Lowe should be able to continue as governer.
Better the devil you know etc.

And in his defense, not sure what any other governer would be expected to do with the tools they have + globally synchronised rate hikes by all central banks.
He is the perfect scapegoat. I pity him.
 
waterbottle said:
Lowe should be able to continue as governer.
Better the devil you know etc.

And in his defense, not sure what any other governer would be expected to do with the tools they have + globally synchronised rate hikes by all central banks.
He is the perfect scapegoat. I pity him.
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He is generously rewarded for his trouble
 
waterbottle said:
Still though. Not sure what people expect. He does have a job to do, and if he doesn't do it (despite it being unpopular), the situation would be worse.
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Yeah poor guy. He said that when the rates were near zero all the self funded retirees (including his mother) wrote to him begging him to put up the rates so they got some interest from their term deposits.

He must be in the ultimate lose/lose job.
 
eskys said:
Not sure who you're addressing here. I think he shouldn't have said what he said, 'no rate hikes till 2024' But he said that, and is he really that incompetent or just a puppet?
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From memory he said it was the central scenario that rates wouldn't rise until 2024.

The central scenario by its very nature meaning there are also other scenarios some of which included rates rising much sooner.

Bearing in mind the comments were made in the context of circumstances, the pandemic and lockdowns etc, with no relevant precedent ever. Hence one should consider all scenarios not just the central one as being possible. That's why the other scenarios exist - that sort of thing isn't just done for amusement or because the RBA had nothing better to do.

In my view the real problem is the media and the practice of reporting news "in brief" without telling people they're not actually hearing the full story and there's far more to it. That's what's gotten ordinary people into trouble here - they've heard a headline with one scenario and failed to understand the detail that it's only one of several possible scenarios.

It's not Philip Lowe who's to blame. It's the wretched "30 second sound bite" approach that news media continues to get away with rather than providing proper, in depth coverage of important topics. That plus an education system that fails to teach students how to apply maths and critical analysis to real world situations.

As someone who did see it coming, my experience is most (referring to people in general not specifically on ASF) just didn't want to know. At best it would be a polite changing of the subject, at worst it would be a flat insistence that it won't happen.

Which brings me to another point. A wise person listens attentively to those they disagree with, focusing on and analysing the argument being presented and considering its validity. A fool leaves the room or gets upset that someone offended them. That goes for everything in life. :2twocents
 
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