What's to stop Philip Lowe moving to a private bank after he leaves the RBA? It's what his predecessors did
Retrieved on:
Tuesday, September 5, 2023
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Surely Reserve Bank Governor Philip Lowe won’t move to a private bank after his term as governor ends next week.
Key Points:
- Surely Reserve Bank Governor Philip Lowe won’t move to a private bank after his term as governor ends next week.
- Banks such as Westpac, NAB, the ANZ and Macquarie Bank deal with the Reserve Bank all the time.
- Every one of the four banks I just mentioned has employed either a former Reserve Bank Governor or Treasury Secretary.
Perceptions matter when a Governor moves on
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The RBA has kept interest rates on hold. - Philip Lowe’s predecessor, the man to whom he was deputy, Glenn Stevens, finished up as Reserve Bank Governor in September 2016 and joined the board of the Macquarie Bank and Macquarie Group in December 2017.
- Stevens’ predecessor as governor, Ian Macfarlane, finished as head of the Reserve Bank in September 2006 and joined the board of the ANZ bank in February 2007.
- In 2021–22 Philip Lowe was on a package of $1.037 million including superannuation and a salary of $890,252.
- On retiring from the Reserve Bank in 1968, its first governor HC Coombs, chaired the Council for the Arts and the Council for Aboriginal Affairs.