A Lowe Blow
John 'Polly' Farmer
On 7 June 2023 RBA Governor Philip Lowe defended a 12th almost-consecutive rate increase. John ‘Polly’ Farmer closely paraphrases Lowe’s response when asked how much further he thought interest rates could rise ‘before we see a serious rise in mortgage arrears, forced sales and defaults’, and puts it into a real-life context. Lowe’s suggestion that people could cut down on spending or work more hours was widely seen as insensitive and out of touch.
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