News

Philip Lowe’s RBA term ends, new chief will be appointed

Published

3 years ago

July 14, 2023

Lowe has overseen a controversial period of high interest rate rises

Philip Lowe, the current governor of the Reserve Bank of Australia (RBA), will not be reappointed to his position.

The Cabinet is expected to meet today to decide on his replacement, with an announcement from Treasurer Jim Chalmers to follow.

While Chalmers holds Lowe in high regard, it is believed that the Cabinet will opt for a change.

Three individuals are considered front-runners for the role: Michele Bullock, the deputy governor of the RBA, Steven Kennedy, the Treasury secretary, and Jenny Wilkinson, the secretary of the Finance Department.

Lowe’s seven-year term was scheduled to end in September, but the decision not to reappoint him comes amidst criticism and calls for his resignation.

The RBA’s decision to repeatedly raise interest rates, from 0.1 percent to 4.1 percent over the past year, has drawn fury and discontent.

Lowe had previously indicated that rates would remain at the record low level until at least 2024 but faced criticism for not clearly conveying the caveats to that statement. Inflation, which has been running higher than the RBA’s target range of 2 to 3 percent, eased to 5.6 percent in the year to May.

Opposition Leader Peter Dutton has argued against considering Kennedy and Wilkinson for the position due to their existing relationships with the government in their current roles as department heads.

“We will support somebody who is independent, and that’s an absolutely essential criteria. You can’t have somebody who is in the pocket of the treasurer or the finance minister,” Mr Dutton told Channel Nine.

“You can’t have somebody who is tainted by an association or a friendship, or worked very closely with the treasurer, the finance minister and the prime minister.”

Having been appointed directly from Treasury, former RBA governor Bernie Fraser dismissed that suggestion as “silly”.

According to Mr Fraser, Mr Lowe had made a mistake in stating he didn’t expect interest rates to rise until 2024, but had handled the situation well.

“I think he’s done a very good job,” Mr Fraser said.

News

Iran live updates: Trump claims Khamenei dead as Iran insists he remains in command

Published

23 hours ago

March 1, 2026

Ahron Young

What’s happening in the Middle East?

President Donald Trump says Iran’s Supreme Leader Ayatollah Ali Khamenei has been killed.
Trump describes the moment as the greatest opportunity for the Iranian people to “take back their country”.
Iran insists its leader is “firmly commanding the field”.
Israel and the U.S. have carried out strikes on Iran.
Impacts have been reported in Israel and across Gulf states as Iran launches retaliatory attacks.
The escalation has sparked fear and panic, with civilians fleeing major cities.

News

U.S. and Israel strike Iran as missiles hit Gulf bases and oil surges

U.S. and Israel launch major military operation against Iran; tensions rise as conflict escalates, impacting global markets.

Published

23 hours ago

March 1, 2026

Ahron Young

U.S. and Israel launch major military operation against Iran; tensions rise as conflict escalates, impacting global markets.

The United States and Israel have launched a sweeping military operation against Iran, striking leadership targets and more than 500 military sites in what President Trump has dubbed Operation Epic Fury.

Explosions have rocked Tehran, with civilians fleeing the capital as U.S. sea and air assets carry out sustained attacks. Washington says the mission is designed to prevent a nuclear armed Iran and has even called on Iranians to rise up against the regime.

Iran has retaliated with a barrage of missiles and drones targeting Israel and U.S. bases across the region, including in Qatar, Kuwait, the United Arab Emirates and Bahrain. While many projectiles were intercepted, a U.S. base in Bahrain sustained damage.

Gulf states long seen as stable hubs for global business are now directly in the firing line, raising fears of a wider regional war.

Oil prices are climbing and tankers are diverting from the Strait of Hormuz as markets react to the escalating conflict. U.S. aircraft carriers, advanced fighter jets and missile destroyers remain in position, signalling more strikes could follow.

With global leaders scrambling diplomatically, the world is watching to see whether this spirals further or shifts back to negotiations.

News

Iran warns ships to avoid Strait of Hormuz

Iran warns ships to avoid Strait of Hormuz amid rising tensions and military buildup in the region

Published

1 day ago

March 1, 2026

Ahron Young

Iran warns ships to avoid Strait of Hormuz amid rising tensions and military buildup in the region

In Short:
– Iran’s Guard Corps advises ships to avoid the Strait of Hormuz due to rising tensions.
– Tankers have diverted to Qatar and UAE amidst concerns over safety and potential Iranian threats.

Iran’s Islamic Revolutionary Guard Corps has instructed ships to avoid the Strait of Hormuz, a crucial shipping lane linking to the Persian Gulf. About a hundred merchant vessels transit the strait daily, according to the U.S.Tensions have escalated recently as the U.S. increased military presence in the region and Iran issued threats. Western nations are concerned about Iran potentially laying sea mines to disrupt commercial traffic. Currently, no evidence suggests Iran has mined the strait.

Ships have been repeatedly warned against entering the strait, as stated by crews in the area and the European Union’s naval command, Aspides. On Saturday, dozens of tankers diverted, with some seeking refuge in Qatar and the United Arab Emirates while others opted to steer clear of the region, as reported by oil brokers and shipowners.

Shipping Concerns

Tensions continue to impact shipping operations as carriers remain cautious in the Gulf region.

Tanker crews reported hearing explosions near Iran’s Kharg Island, which is vital for the country’s oil exports, as it handles 90% of its crude oil shipments.