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.”
“He needs to explain why interest rates are being jacked up without the preconditions that he set being met.”
“He also needs to explain how increasing interest rates is going to conquer inflation that is being driven by supply shocks and corporate profiteering.”
“The consequences of five consecutive rate rises have been stark - renters, mortgage holders and small business owners are all being smashed trying to fix a problem they did not cause.”
“It’s time for Dr Lowe to face the music.”
The Greens motion, which requires the Economics Legislation Committee to invite Dr Lowe to appear at Senate Estimates on November 9, will be voted on this afternoon.