A week after pushing interest rates to their highest point in more than a decade, Reserve Bank of Australia governor Philip Lowe was grilled by politicians about the significant impact the central bank's policies are having on families.
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Dr Lowe, who famously indicated in 2021 that rates were unlikely to increase before 2024, came under fierce questioning by government, opposition and Greens MPs about the RBA's aggressive move to hike the official cash rate by 3.25 per cent since May last year, adding thousands to the monthly mortgage bill for millions of borrowers.
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The governor is being pushed particularly hard on his warning that more rate rises are likely to be needed. There are fears that, in its effort to bring inflation down, the Reserve Bank risks tipping the economy into recession.
Politicians also took aim at Dr Lowe over his decision to forego giving a public address following last week's rate hike and instead provide a private briefing to major bank traders.
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