RBA governor Philip Lowe settles in for what may have been his last Senate estimates appearance.Credit:Alex Ellinghausen
This time,McKim peppered Lowe with questions about PwC and its relationship with the RBA.
Lowe surprised everyone with his strong take on the shortcomings at the consulting giant.
The names of those involved in the tax leak scandal should be revealed,he said,while there’ll be no new contracts with PwC until there’s a “satisfactory response” to issues around transparency and accountability.
“We want to know that they meet the standards in their own commercial behaviour that we would expect to meet in our institution. If they don’t do that,then we don’t want to work with them,” he noted.
Greens senator Nick McKim came armed with questions about PwC.Credit:Alex Ellinghausen
Lowe said he understood the pain many people are going through as they deal with high interest rates,but argued if inflation got out of hand the situation would only get worse for them.
He did,however,argue that the high prices for rents may force people to “economise” when it comes to their housing choices. By that,he meant find a flatmate or move back into mum and dad’s place.
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That argument was the only jarring point across the two hours of interrogation which ended with a gentle reminder that Lowe may not have to go through such an experience again.
Lowe’s current seven-year term ends in early September with long odds that the governor will be asked to continue.
Liberal senator Dean Smith said he looked forward to talking to Lowe again in October.
“Well,perhaps,we’ll see,” he finished.