Philip Lowe says he's received letters thanking him for increasing the cash rate. The outgoing Reserve Bank of Australia Governor also said 'the worst is over' of the inflation and interest rates crisis during a parliament grilling today. AusPol 9News
governor Philip Lowe has confirmed a "modest" rise in joblessness will be part of bringing inflation down.
His deputy, Michele Bullock, who will assume the governorship, said earlier this year the unemployment rate would need to rise to 4.5 per cent before inflation returned to its target rate.Reserve Bank of Australia governor Philip Lowe says the worst of the inflation and interest rate crisis is over."But we will do what's necessary, and we hope the community understand that."
And interest rates would have to rise an estimated full percentage point again to get back to target by 2024.Lowe acknowledged it had been "a very difficult year" for many people, but said things would begin to improve."We're getting to a place now to return to inflation back to target and a stronger labour market than we had before the pandemic."
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