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ABC News States Cabinet To Meet This Morning On Lowe's Replacement

RBA

ABC news in Australia is reporting this morning that RBA Governor Lowe will not be reappointed. The news organization stating that a Cabinet meeting will be held this morning to make a decision on his replacement. After this Treasury Chalmers is expected to make an announcement. See this link for more details.

  • News that Lowe wouldn't be reappointed will hardly be a surprise to markets, as this has been speculated heavily in recent months.
  • The ABC notes 3 candidates are being considered for the position - "Three people are considered favorites to step into the role: deputy Reserve Bank Governor Michele Bullock, Treasury secretary Steven Kennedy and Finance Department secretary Jenny Wilkinson."
  • These are names other news organizations have also floated. Opposition leader Peter Dutton stated that appointing a government bureaucrat (i.e. either Wilkinson or Kennedy) would risk politicizing the RBA and eroding its independence (see this link for more details).
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