Philip Lowe's days are numbered?

[divs4ever]

Will I guess that's where I find things a little surprising and unsure where it will go. I thought there'd be more desperate sellers out there, or we'd be close to it. I think if Lowe had paused the raise, people would have been emboldened to spend more and leverage highly (i.e. with the new gov announcement of loan guarantor for 15%). Raising the rate was probably smart as things don't really looked like they've cooled, nor have the underlining issues driving up inflation ceased. Realise that's an unpopular opinion with many people out there (mate at work wasn't happy to see it up again .... ).

you may not be so wrong as you feel , some home buyers signed up to interest-only and fixed-rate mortgages ( but not the 30 year fixed available in the US in earlier years ) , the real pain/panic might be months or up the three years away ( when refinance time is due )

i have been simply aghast at some suggestions of house mortgages ( and reverse mortgages ) in the last 5 years , not to mention some 'Government incentives ' to keep the property market from contracting

 

[Warr87]

you may not be so wrong as you feel , some home buyers signed up to interest-only and fixed-rate mortgages ( but not the 30 year fixed available in the US in earlier years ) , the real pain/panic might be months or up the three years away ( when refinance time is due )

i have been simply aghast at some suggestions of house mortgages ( and reverse mortgages ) in the last 5 years , not to mention some 'Government incentives ' to keep the property market from contracting

Well, in some ways I kinda hope I'm wrong. I don't want to see hordes of ppl losing their house and the market to crash.

On the note of some of the craziness. I saw on linkedin a mortgage broker suggesting to ppl to just use 5% ... 'no worries' he tells everyone. 'now is the time' & 'x person did this recently and they couldn't be happier' .... this was in the last few months. Wasn't predatory but certainly some iffy advice. I'm getting predatory ads on youtube though. It's usually some wannable trader selling their wares on my ad-sense, but the last few weeks its been mostly real estate 'gurus'.

 

[divs4ever]

Well, in some ways I kinda hope I'm wrong. I don't want to see hordes of ppl losing their house and the market to crash.

On the note of some of the craziness. I saw on linkedin a mortgage broker suggesting to ppl to just use 5% ... 'no worries' he tells everyone. 'now is the time' & 'x person did this recently and they couldn't be happier' .... this was in the last few months. Wasn't predatory but certainly some iffy advice. I'm getting predatory ads on youtube though. It's usually some wannable trader selling their wares on my ad-sense, but the last few weeks its been mostly real estate 'gurus'.

hoping and what is likely to happen are usually two different things

i resist using You Tube as much as possible (i prefer less censored rivals ) ( the iPhone is a spam magnet for me , sadly )

am very accustomed to people ignoring my suggestions and cautions ( sometimes with fatal consequences ) , lucky for me have known some very talented real estate players over the decades ( and the usual dud ones ) , so understand some of the temptations and some of the traps ( but haven't seen them all yet )

but desperate people ( including Government and sales people ) do despicable things ,
i would have preferred folks not buying houses with a minimal margin of ( financial ) safety , but other agendas lured them over ( to the risky side )

maybe this is the lesson in caution many folks needed to learn ( there have always been boom and bust cycles .. at least in recorded history )

 

[frugal.rock]

So Philip Lowe has got the chop.
A female replacement. Someone called it in this thread.

I hope she's better at it than Sandra Bullock was at acting...

Albanese clutching at straws I think.

Like an episode of Veep, Albanese and Chalmers walked a fine line

Both Prime Minister Anthony Albanese and Treasurer Jim Chalmers were careful not to offer any criticism of Philip Lowe. But the decision not to keep him on speaks for itself, writes David Speers.

www.abc.net.au

 

[The Triangle]

So Philip Lowe has got the chop.
A female replacement. Someone called it in this thread.

I hope she's better at it than Sandra Bullock was at acting...

Albanese clutching at straws I think.

Like an episode of Veep, Albanese and Chalmers walked a fine line

Both Prime Minister Anthony Albanese and Treasurer Jim Chalmers were careful not to offer any criticism of Philip Lowe. But the decision not to keep him on speaks for itself, writes David Speers.

www.abc.net.au

They could put a chimpanzee in the role, it would make no difference.

How many here can say they had a bad investment genuinely turned around by swapping out the chairman of the board with another board member?

 

[mullokintyre]

They could put a chimpanzee in the role, it would make no difference.

How many here can say they had a bad investment genuinely turned around by swapping out the chairman of the board with another board member?

The biggest Joke is the assumption that it is the RBA governor who makes the decision.
The Reserve Bank Board comprises nine members: the Governor; Deputy Governor; Secretary to the Australian Treasury (ex officio member); and six other non-executive members appointed by the Treasurer. Apart from the secretary treasury, all other members are appointed to the board for six year terms.
All of these 9 members vote for rates and other policy matters.
So if people want accountability, perhaps they should look at the dumping the majority six members appointed by the treasurer.
And of course the reality is, its actually all of the members are appointed by the treasurer.
Two members will be up for re election in August, one of them being Lowe.
I cannot imagine he will be staying on the board.
Not sure about the other, but Barnaba is a male, so he may well get the chop.
Currently, the gender split is 5 to 4 in favour of males, so would not be surprised two see two new females appointed later this year.
of the other members, Caroline Hewson, has one asset in being a female, but being married to a (failed) liberal leader is a bit of baggage.
Would not be surprised to see Sally Mcmanus appointed, although Iain Ross, former secretary of the ACTU already has a place on the board, so it might be argued that they already have representation.
Perhaps look to see someone from ACOSS, maybe Hang VO, current president of ACOSS, who ticks all the boxes - female,is of non Anglo Saxon descent, and is an ex president of pride Victoria. Should be a shoe in.
Mick

 

[sptrawler]

Maybe the next Philip Lowe in the making?
There’s no evidence of a developing wage-price spiral and long-term inflation expectations remain well-anchored, said Ian Harper, a member of the RBA’s interest-rate setting board.