Reserve Bank of Australia Governor Philp Lowe issues apology to Australian home borrowers

Reserve Bank boss APOLOGISES to Australians who took out mortgages after he promised no rate rises until 2024 – but instead hit them with supersized hikes

  •  Reserve Bank Governor Philip Lowe has issued an apology to borrowers

Reserve Bank Governor Philip Lowe has apologised to borrowers who took out a mortgage expecting interest rates to stay at a record-low of 0.1 per cent.

‘I’m certainly sorry if people listened to what we’d said and acted on what we’d said and now regret what they had done,’ he told a Senate economics hearing on Monday.

‘That’s regrettable and I’m sorry that happened.’

Dr Lowe last year repeatedly promised the cash rate would stay on hold at 0.1 per cent until 2024 ‘at the earliest’ but since May,…

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Written by Bourbiza Mohamed

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