Why Philip Lowe’s Comments Have Angered So Many
Last week, the comments by RBA’s Philip Lowe caused widespread anger. The head of the Reserve Bank of Australia announced the twelfth interest rate rise in thirteen months before answering questions from the media.
One journalist asked how much further interest rates will rise before we see mortgage arrears or house sales. To this, Philip Lowe responded that people should “cut back spending” and “find additional hours of work.”
This comment was met with utter frustration and backlash. The public was outraged and rightly so.
Why has there been such an outpouring of anger?
Although the advice given by Lowe is not unreasonable in itself, it is hard to swallow. There are three key reasons for this:
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