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.
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, borrowers have copped seven consecutive interest rate rises.
The cash rate is now at a nine-year high of 2.85 per cent with economists expecting another 0.25 percentage point rate rise in December.
Reserve Bank Governor Philip Lowe has issued an apology to borrowers who took out a mortgage expecting interest rates to stay at a record-low of 0.1 per cent
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