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ABC News States Cabinet To Meet This Morning On Lowe's Replacement
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).
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.