New RBA governor appointed

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 yesterday. Dr. Lowe holds a Ph.D. from Massachusetts Institute of Technology and has been Deputy Governor of the RBA since 2012. “I’ve been dealing with the Reserve Bank for 30 years or more, and I found him the most outstanding person I’ve dealt with,” said Bill Evans, chief economist at Westpac. “The best way to measure Phil’s ability is the insights from his speeches -- whenever he gave a speech I learnt something.” Read the full story: (VIEW LINK)