Philip Lowe says interest rate rises painful but for the best, predicting more to come

Inflation is dangerous, corrosive and hurts people, RBA governor tells Senate estimates

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The Reserve Bank governor, Philip Lowe, says he has heard about the personal pain caused by soaring interest rates with a “very heavy heart” – but tackling “dangerous” inflation was critical even if the moves were unpopular.

Lowe, making his first public appearance for 2023 before Senate estimates on Wednesday, reiterated the challenges of achieving a “fairly soft landing” for the economy with unemployment rising only to 4.5% during next year.