BROKING BREAKDOWN IS LOWE THE BAD GUY OR JUST DOING HIS JOB?

Under attack after presiding over nine successive rises in official interest rates, Reserve Bank of Australia (RBA) Governor, Philip Lowe (pictured), can’t predict how much higher rates will have to go before the central bank can prevail in its struggle to rein in runaway inflation.

“I don’t think we’re at the peak yet,” Dr Lowe said while being grilled by a Senate committee, including politicians calling for his head.

“Yet how far we have to go up, I don’t know. It’s going to depend upon the inflation data, the resilience of spending, the strength of the global economy and what’s happening with prices and wages.”

The cash rate, which nine months ago was at a record low of 0.1 per cent, is currently 3.35 per cent and some predict it could go to more than 4.0 per cent if the inflation rate doesn’t come down.

With mortgage holders having to cope with the big rise in their home loan repayments amid a cost-of-living squeeze, Dr Lowe is an easy target for media and political opponents looking for someone to blame. His seven-year term as RBA Governor expires in September this year and it will be no surprise if fails to be reappointed.

Dr Lowe has become an unpopular figure due not only to the rate increases, but because in 2021 he had been assuring borrowers rates were unlikely to go up again until 2024. Of course, he had not reckoned on Russia’s invasion of Ukraine a year ago which continues to rock the global economy.

Appointed RBA Governor in September 2016, when the cash rate was 1.5 per cent, the RBA under Dr Lowe didn’t make any changes to the cash rate for almost three years. At the start of the COVID-19 pandemic in Febru ary 2020, the official rate was

0.75 per cent and the RBA then gradually lowered it to the emergency setting of 0.10 per cent.

There is an argument that taking the cash rate this low over-stimulated the economy, particularly the property market which

“Gizzelle is very helpful and always available for us. She keeps me posted and very happy with her service and the outcome. We highly recommend her.”

Sale : Just Listed

Inspection: 10:30-11am

GIZZELLE POWELL

M: 0428 934 618

3 + 1 bedrooms 3.5 bathrooms 2 garage

Gross Rent: $162,000 approx Fixed Turnkey Package

LITSA MELETI M: 0466 969 164

E: litsameleti@remax.com.au

LITSA MELETI

M: 0466 969 164

E: litsameleti@remax.com.au

ORAN PARK

FINALAPARTMENTS NOW SELLING ACT NOW!

This is your last opportunity to secure a luxury apartment in the prestigious Metro precinct, centrally positioned in the heart of the Oran Park community.

Generously sized, these 3-bedroom apartments feature ample floor space, sophisticated style and the finest finishes.

Built in partnership with the award-winning Allen Jack + Cottier Architects and currently under construction with Richard Crookes Construction, the residences are completed to a high standard with:

• Miele oven, gas cooktop, rangehood, built-in microwave oven and dishwasher plus striking Parisi tapware, tinted mirror splashback and Caesarstone benchtop centrepiece

• Ceramic tile floor throughout with carpet to bedrooms

Apartment G.03

Interior 111sqm

Exterior 33sqm

Total 144sqm

9043 7500

Apartment 3.10

Interior 108sqm

Exterior 23sqm

Total 131sqm

Price $819,500