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Interest rates: RBA boss Philip Lowe to face second day of grilling in parliament

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Reserve Bank governor Phillip Lowe is facing another marathon grilling in parliament as speculation grows that he will not be reappointed when his term expires.

Dr Lowe is appearing at the House Economics Committee on Friday where he will face three-hours of questions over interest rates, inflation, unemployment and wages.

He previously appeared before Senate Estimates on Wednesday, where he predicted interest rates would get worse before they got better and insisted the central bank was not trying to plunge Australia into a recession.

But he’s also likely to be asked questions about his seven-year term which expires in September 2023.

Asked whether he will likely be reappointed for another term, Prime Minister Anthony Albanese gave no such assurances.

“He’s doing his job now,” Mr Albanese told ABC Melbourne.

In response, ABC host Charlie Pickering interjected, “He’s doing his job now? Hardly a ringing endorsement.”

Mr Albanese said he had confidence in the RBA.

“The Reserve Bank, of course, makes these decisions independently and it’s very important that they be allowed to do that,” he said.

“But as for future appointments that decision will come down the track.

“I’ll let the RBA do its own job. We have made it very clear that the government hasn’t come to a view on a reappointment in the future. We will have that discussion down the track that will be a decision for the treasurer. But our job we’re focused on our job. which is making sure that we do what we can to do with the inflation challenge, which is out there.”

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