Reserve Bank Governor Philip Lowe has hit out at his critics during a lengthy grilling at Senate Estimates, declaring it is unpopular but necessary to hike interest rates.
Sky News Senior Political Reporter Trudy McIntosh said there were some “fierce exchanges” between Greens Senator Nick McKim and the RBA Governor.
“He acknowledged that this has been hurting households and he has been receiving letters, he said, from people who have been affected and with a very heavy heart he has been reading through and listening to people’s stories,” Ms McIntosh said.
“But he argues that this is necessary to tackle inflation, which he says is corrosive in the economy and that is ‘way too high’.”
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