Reserve Bank Governor Philip Lowe to be replaced

The Nine newspaper has confirmed Lowe’s seven-year term as Reserve Bank governor will not be extended when it expires on September 17.

Appearing on Today, Deputy Prime Minister Richard Marles refused to confirm the announcement of a new governor was imminent, but struggled when host Karl Stefanovic questioned him about when the new governor would be announced.

Marles said he was not “really sure” how to answer the question, but said “the best person for the job going forward…will be chosen”.

Yesterday Prime Minister Anthony Albanese brushed off the question when he was asked if the government would be announcing a new governor today.

“We have meetings all the time and we will have meetings in the usual way. I’ve been away. So it’s not unusual for us to have meetings when I return,” Albanese said.

Lowe’s term as governor expires on September 17, and it has been widely speculated that Treasurer Jim Chalmers will opt to replace Lowe rather than extend his tenure.

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Asked about his time at the central bank potentially coming to an end, Lowe said he would support whoever the government selects.

“In terms of my own position, as I have said before, if I was asked to continue in the role, I would be honoured to do that and I would continue,” he said.

“If I am not asked to continue in the role, I will do my best to support my successor, and the treasurer has said he will make an announcement before the end of this month.

“I haven’t got anything more to add on that.”

Current deputy governor Michele Bullock, treasury secretary Steven Kennedy, and Parliamentary Budget Office head Jenny Wilkinson have been mentioned among the list of potential candidates to replace Lowe.