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Philip Lowe will not remain governor of the Reserve Bank, this masthead has confirmed.

Cabinet will meet this morning to hear Treasurer Jim Chalmer’s pick of who will take the top job.

Lowe’s tumultuous seven-year term as Reserve Bank governor will not be extended when it expires in September.

The decision means Lowe will not remain in the top job to oversee the bank’s overhaul in the wake of the Reserve Bank review. He will still accompany the treasurer on a trip to India in the coming days.

In his last speech before the treasurer’s decision was made public, Lowe unveiled major changes the bank was adopting in line with the review’s recommendations, including holding fewer board meetings and more frequent press conferences.

Asked on Wednesday about the then-pending decision, Lowe said he would be honoured to continue in the role of governor.

“If I’m not asked to continue in the role, I will do my best to support my successor,” he said.

Opposition leader Peter Dutton on Thursday threatened to withhold support for the government’s choice of governor if the candidate were “tainted” from working closely with government.

Top public servants Steven Kennedy and Jenny Wilkinson, who are currently treasury secretary and finance secretary respectively, have been widely touted as potential candidates for the role.

Deputy governor Michele Bullock is also considered a solid candidate given her near-40 years at the RBA.

More to come

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