RBA Deputy Governor Philip Lowe to Replace Glenn Stevens
- Stevens says ``no one better qualified'' than Lowe for role
- Lowe inherits post with diminished interest rate ammunition
Reserve Bank of Australia Announces New Governor
This article is for subscribers only.
Philip Lowe is set to replace Glenn Stevens as governor of Australia’s central bank, inheriting an economy grappling with the onset of disinflation that forced policy makers to cut interest rates to a record low this week.
Lowe, 54, the unanimous forecast of economists surveyed by Bloomberg in October, was appointed to a seven-year term starting Sept. 18, Treasurer Scott Morrison said Thursday ahead of an election expected to be called this weekend. Stevens leaves after helping steer the nation’s economy through the global financial crisis and the end of a mining investment boom.