@FinancialReview | 347,471 followers
RBA governor Philip Lowe has offered an unprecedented apology to Australians who took out loans based on guidance interest rates were unlikely to rise until 2024. Read the full story here: bit.ly/3GV9lFo

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Total of 9 replies and 29 quotes found
The number of adjectives applicable to this statement is enormous.

Sadly for Philip Lowe and the RBA, not one of them makes it any better.

Shame on them all.
My favourite is his use of the word "we."

In other words he's trying to take accountability while still making sure he doesn't personally take it and offloads blame to others as well.
In reply to @FinancialReview
Disgraceful. I'll say it again, he HAS to go.
This is a joke….who else will people take financial advice from other than the head of the RBA who sets monetary policy

Class action lawsuit @YouCanCountOnMB ?
In reply to @FinancialReview
I mean fancy listening to a man about interest rates who sets interest rates.
How can you tell when a Central Banker is lying? pic.twitter.com/1HI2Yn7y9o
Translation: The RBA’s forecasting ability is as good as the Fed & ECB. Literally, they are useless like tits on a bull. When the RBA said cash rates were not rising until 2024, it was subject to multiple cryptic caveats. If you over-borrowed, oops, we fucked up our forecasts.
Or, as better said by Otter to Flounder in ANIMAL HOUSE, “you f*cked up, you trusted us”.
Just bail them out Phil
Poor communication, yes, but financial advice it never was.

It is for governments & regulators to decide how much borrowing can occur at a given level of rates. If they don’t want households impacted heavily by rate hikes don’t facilitate them borrowing so much when they fall.
What?! When does this happen?
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Ah yes would would Australians trust their central bank and its team of economists. They're the true idiots here
Can we expect something similar for BOC Governor
The Australian RBA (equiv of BoC) is apologizing to Australians for their statements on interest rates.

Their current rate is 2.85%.

Paging Tiff Macklem
Class action coming up Phil, hope you have deep pockets, every single dollar in interest paid by every Aussie over their rate at the date of your statement of “no rise before end of 2024” till end of 2024. It’s a lot of cash to cover, better fire up the printer again… brrr
Never trust Politicians or Bankers.
In reply to @viiral79
@viiral79 When did you last hear a central banker apologize?
RBA Printed a bunch of money and inflated the Australian economy.. they then turned around and blamed foreigners (Chinese) for inflating the housing market.

Central Banks and Commercial Banks were responsible for excess liquidity in the economy.
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