Why was RBA Govenor Phillip Lowe “sacked”? | Property Insiders

[@MichaelYardney]

Philip Lowe was effectively sacked as Reserve Bank governor and Australia’s next Reserve Bank governor, Michele Bullock will take office in September at a time when much of the bank’s work in fighting inflation will be done and its focus will be on changing the way it operates. She is already the deputy governor, having been appointed to that post by our previous treasurer Josh Frydenberg in April last year. Both Treasurer Jim Chalmers and Prime Minister Anthony Albanese say she is the right person to implement recommendations of the independent review of the bank intended to make it less insular and more open to outside perspectives. Yet, as a 38-year veteran of the bank, having joined in 1985, she could be seen as perhaps another insider. Why was Philip Lowe passed over and what does this mean for interest rates and our property markets? That's what I want to ask Australia’s leading housing economist Dr. Andrew Wilson, chief economist of My Housing Market in this week’s Property Insiders chat. We will also look at what’s happening to building costs, how the various regions of our big capital city housing markets are performing and what auction clearance rates are telling us about buyer and seller sentiment. See the complete show notes here: - propertyupdate.com.au/property-news-headlines-forecasts/

[@emp731]

Just like a Spartan Shield it is discarded once it has been damaged badly and replaced with a new shield... you see how that works?

[@emp731]

Who sacked him then? Higher up? And who are they and who put them in charge?

[@emp731]

When you use your brains these are the sort of questions you ask

[@robguz1007]

@@emp731 is the titanic somehow connected 🦎

[@emp731]

@@robguz1007 you mean a bunch of rich people who think they are indestructible perish?

[@robguz1007]

@@emp731 that's not very nice makka.

[@emp731]

@@robguz1007 I didn't create the rules of deep sea ocean pressure... You see nature has its own laws.. Isn't that nice

[@andrewwickham4642]

Michael, you still haven’t replaced sacked with term not renewed… Credibility is paramount to character!! Andrew Wickham

[@MichaelYardney]

Thanks for your opinion Andrew - I wonder how Philip Lowe feels? He wanted a renewed term, didn't he? Do you think he feels like he lost his job?

[@andrewwickham4642]

@@MichaelYardney Michael, this is your podcast and it’s for you to build credibility with your listeners…. As with several other listeners comments, you have been misrepresenting the facts to suit sensationalism… How ever fashionable that may be, your credibility’s is shot when you don’t reflect on sound criticism , amend the false narrative and perhaps shutting up! Lack of character is further on display when you act like a child arguing trite BS…. Last time I was beaten in a discussion, was by my father when in my early 20s…. He was a master of knowing, and delivering fact…. Unfortunately for you, he taught me well and I am well practiced for the prevailing 40 years.. Your headline and interview was a misrepresentation of the truth… Finally in answering your question, Lowe must be feeling like you do now. Shit house!! Cheers Andrew Wickham

[@1133811]

Red flags are waving. When the Executive does not respect what an independent economic watchdog does, lurking danger will rear its ugly head. The outgoing RBA chair was not even given a token thank you.

[@MichaelYardney]

Thanks for watching and your comments

[@sadeqelmaazouzi1885]

He wasn’t sacked. His term wasn’t extended like most of his predecessors

[@MichaelYardney]

@sadeqelmaazouzi1885 You're right

[@MichaelYardney]

@RM-hu1bx My commentary is on the record - I don't remove it - I have no idea where you came up with those silly suggestions - You keep lying and each time you do you only ruin your credibility more. I'm happy to have a sensible debate but come out of the closet and show us your real name - it's easy to be a keyboard warrior and lie when you use a fake name

[@emp731]

@@MichaelYardney When you get to Michael's level i guess it is easy to lie and show your face...These people make a art form out of it AND THEY KNOW IT

[@cryptocrazy726]

I really enjoy your assessment of the Australian market. Do you cover NZ market or suggest someone worth watching/listening to?

[@MichaelYardney]

@cryptocrazy726 Sorry we don't cover the NZ market - sorry I don't know of any good resources

[@rozcole3650]

Best NEWS EVER

[@MichaelYardney]

Thanks for watching and your comment

[@Fordcryptofairlane123]

No doubt the bricklayer will give us a moronic point of view !

[@emp731]

Why not try to give your own point of view first.. Instead of trying to discourage others.. Together we can make this chat a happy experience for all 🌈

[@CookieMonster-wy4qb]

@@emp731he who throws the first stone now concedes his house is made from glass not bricks 🧱

[@emp731]

@@CookieMonster-wy4qb would you like to give your point of view on the current RBA Philip Lowe saga?

[@CookieMonster-wy4qb]

@@emp731 Cookie Monster has already parted his knowledge in the comments section!

[@emp731]

@@CookieMonster-wy4qb no you haven't...so once again you have proven to fire blanks, just as expected

[@tamarawest6203]

Phillip's contract was not renewed becuase he was simply doing his job and the higher up's don't like what he was doing. Lowering inflation is far more important than keeping mortgage holders happy. Those who borrow too much have a hard lesson to learn that they probably do need to learn that lesson. I fear the new appointee will be a political puppets rather than one who does thier job with integrity.

[@MichaelYardney]

@tamarawest6203 Well said 🤓

[@MichaelYardney]

@@InfinityIsland2203 Well said 🤓 I think you're right

[@TheTestride]

@@MichaelYardney Are you serious .... rates back to zero. 🤣😂

[@MichaelYardney]

@TheTestride I didn't say rates back to zero - did I?

[@TheTestride]

@@MichaelYardney you did when you agreed with his post .

[@Lesser302]

10:37 I wonder will they figure out a life time warranty on buildings is to prop it the industry not he dwellings. Hundreds of years to draw from yet we try try again 😂

[@MichaelYardney]

Thanks for watching and your comment

[@shane0traveller451]

I bought a house July 2022 😮

[@MichaelYardney]

@shane0traveller451 It depends where you bought it - prices fell a little since but have almost regained all their losses in good locations

[@shane0traveller451]

@@MichaelYardney I'm still in my 30s and should get through all this. About to start rent vesting in order to increase the portfolio cash flow!

[@MichaelYardney]

@@Andrew-hu1bx of course I'm wrong and your made up stats are right. Each week I've asked you to show me the stats, but you hide in the closet behind a fake name

[@c.s2001]

The Fall Guy?

[@MichaelYardney]

@c.s2001you're right - that's politics

[@emp731]

@@MichaelYardney funny I thought it was the RBA not parliament

[@chookie131]

@@emp731government have their hands in everything.

[@MichaelYardney]

@@emp731 It was the treasurer (a politician) who appointed the new Governor

[@c.s2001]

@@MichaelYardneyTouche!

[@Lesser302]

Why ( covid enlightenment ) When the bosses could not hide behind competent employees When the workers could not hide behind competent employees When employees could not hide behind incompetents of other employees When the elite could be seen for the incompetence of the employer 😮 When the government could not hide behind its people’s in importance of employment $€€ £$€¥ 😂😂😂😂😂😂

[@MichaelYardney]

Thanks for watching and your comments