Hong Kong CNN —Australia’s new central bank chief, Michele Bullock, took the helm Monday after a firestorm of criticism over rising living costs engulfed the tenure of her predecessor.
Philip Lowe, former governor of the Reserve Bank of Australia, speaking in Canberra in August.
“Raising interest rates is never popular, but I think given the circumstances, the Reserve Bank had to do something,” noted Oliver.
Within the bank, Lowe also faced questions about the culture he’d fostered since taking over in 2016.
Should prices fall more slowly than expected, the central bank would face similar pressure to raise rates, Oliver predicted.
Persons:
Hong Kong CNN —, Michele Bullock, Bullock, Philip Lowe, Shane Oliver, ”, would’ve, wasn’t, Lowe, Oliver, Rohan Thomson, RBA, Nick McKim, ” McKim, “ It’s, ” Oliver, disempowered, ” Bullock, ” Lowe, — Hilary Whiteman
Organizations:
Hong Kong CNN, Reserve Bank of Australia, AMP, CNN, Bloomberg, Getty, Reserve Bank
Locations:
Hong Kong, Australian, Canberra, Ukraine, Australia, United States, Europe