Australia’s top central banker is due to make his final public appearance before passing the mantle to deputy governor, Michele Bullock.
Philip Lowe will offer some final remarks on his seven-year stint as governor of the Reserve Bank of Australia to the Anika Foundation on Thursday.
The esteemed economist began his career at the RBA in the 1980s and worked his way up to the top job, replacing Glenn Stevens as governor in 2016.
Dr Lowe has overseen the economy through the tumultuous COVID-19 pandemic and its chaotic recovery, complicated by a war in Ukraine.
The combination of the conflict in Europe, troubled supply chains and massive pandemic-era stimulus triggered a surge in inflation, leaving the RBA board with no choice but to embark on the most aggressive interest rate hiking cycle since the early 1990s.
The governor has overseen 12 interest rate hikes since May last year, lifting the cash rate from a record low of 0.1 per cent to 4.1 per cent.
Insights into the decision to keep interest rates on hold at the September meeting – the third pause in a row – may also feature in Dr Lowe’s outgoing address.
Treasurer Jim Chalmers thanked Dr Lowe for his service at the key economic institution.
“He leaves that important role with the government’s respect, the government’s gratitude, and he leaves with dignity,” he said earlier in the week.
He welcomed Ms Bullock into the top job as an “an outstanding economist with a deep understanding of the RBA”.
Ms Bullock, the first female governor, will step into the role on September 18.
