The Greens understand that the Senate will today support our motion requiring Reserve Bank governor Dr Philip Lowe to appear at Senate Estimates.

“Independence does not mean a lack of accountability,” Greens Economic Justice Spokesperson Senator Nick McKim said.

“There are serious questions for Dr Lowe.” 

“Dr Lowe induced people into taking on massive amounts of debt by saying interest rates wouldn’t go up until wages had increased substantially and this was unlikely to be until 2024.”

Greens Treasury spokesperson, Senator Nick McKim, has responded to the RBA Governor, Philip Lowe’s, speech today in which he again failed to acknowledge the role of corporate profits in driving inflation.

“Yesterday’s National Accounts showed that profit’s share of national income hit a new record high and that wages’ share of national income hit a new record low.”

“In the 60 years that records have been kept, never have workers been getting a smaller slice of the pie, and never have business owners been getting a bigger slice of the pie.”

Philip Lowe should resign as Governor of the Reserve Bank for misleading Australians about interest rate rises, the Greens say.

“Dr Lowe induced hundreds of thousands of Australians into taking out massive mortgages by effectively saying that interest rates would not rise until 2024,” Greens Treasury and Economic Justice spokesperson Senator Nick McKim said.

“Having failed to keep that commitment, he should now resign.” 

“The preconditions that Philip Lowe set for increasing rates have not been met.”