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| Philip Lowe to replace Glenn Stevens as governor of the Reserve Bank – politics live | Philip Lowe to replace Glenn Stevens as governor of the Reserve Bank – politics live |
| (35 minutes later) | |
| 8.52am BST | |
| 08:52 | |
| Paul Karp | |
| In another Senate estimates hearing, Labor senator Jenny McAllister quizzed Australian Electoral Commission officials about whether they were concerned about donations from the Fadden Forum, a fund which according to reports sacked Turnbull government minister Stuart Robert used to donate to independent council candidates before the 2013 election. | |
| McAllister asked whether the donations might breach laws about associated entities declaring donations, and whether they might have been made to disguise the source of the funds. | |
| AEC chief legal officer, Paul Pirani, said it appeared the Fadden Forum was not an associated entity because it was not an incorporate or unincorporated entity, but rather a bank account of the Liberal National Party. | |
| Electoral Commissioner Tom Rogers said if the Fadden Forum is part of the party’s structure, “which it appears to be”, then it had met their obligations in the way donations were declared. | |
| 8.34am BST | |
| 08:34 | |
| The new head of the ABC, Michelle Guthrie is before a Senate estimates hearing this evening. Right now she’s being asked about ABC Fact Check, will that continue post election? Guthrie says a decision will be made on that soon, within the next ten days. | |
| Nick Xenophon asks if the new managing director is aware that Fact Check has been the subject of a lot of complaints by politicians? | |
| Mick Millett, head of ABC communications, steps in to answer. | |
| You can rest assured the decision won’t be made on the basis of complaints. | |
| Xenophon wants the ABC to provide records of how many complaints there’s been about Fact Check by politicians. | |
| 8.19am BST | 8.19am BST |
| 08:19 | 08:19 |
| Sean Kelly was a press secretary to a couple of Labor prime ministers. These days, he writes about politics at The Monthly. Sean’s column today says the prime minister has a habit of turning up to media interviews unprepared, and that needs to change if he wants to get through the election season in one piece. | Sean Kelly was a press secretary to a couple of Labor prime ministers. These days, he writes about politics at The Monthly. Sean’s column today says the prime minister has a habit of turning up to media interviews unprepared, and that needs to change if he wants to get through the election season in one piece. |
| I’m inclined to agree with that assessment. The good thing about Turnbull’s approach with the media is he refuses to behave like a scripted robot, a blessing, given there are entirely too many scripted robots in politics. The weakness of his interviews is the problem Sean identifies, being unprepared for obvious questions, and allowing himself to be lulled into traps, which are the speciality of broadcast interviewers. | I’m inclined to agree with that assessment. The good thing about Turnbull’s approach with the media is he refuses to behave like a scripted robot, a blessing, given there are entirely too many scripted robots in politics. The weakness of his interviews is the problem Sean identifies, being unprepared for obvious questions, and allowing himself to be lulled into traps, which are the speciality of broadcast interviewers. |
| Here’s Sean, who isn’t being the least bit gratuitous, and is in a position to know about this: | Here’s Sean, who isn’t being the least bit gratuitous, and is in a position to know about this: |
| Telling a prime minister the awful truth about poor performances is hard. There are usually very few people close to a PM who are willing to do it. The cast will vary from leader to leader: it could include a chief of staff, or the Liberal party director, or a pollster, or a press secretary, or an MP. | Telling a prime minister the awful truth about poor performances is hard. There are usually very few people close to a PM who are willing to do it. The cast will vary from leader to leader: it could include a chief of staff, or the Liberal party director, or a pollster, or a press secretary, or an MP. |
| Telling a leader that habits to which they have become accustomed – like preparing for public appearances in a certain way – are just not working now they’re leading the country is even harder. | Telling a leader that habits to which they have become accustomed – like preparing for public appearances in a certain way – are just not working now they’re leading the country is even harder. |
| But it must be done. If the PM cannot or will not make changes, someone must tell him to. What works as a minister often does not work as a prime minister. | But it must be done. If the PM cannot or will not make changes, someone must tell him to. What works as a minister often does not work as a prime minister. |
| 8.06am BST | 8.06am BST |
| 08:06 | 08:06 |
| Prime minister offers a glimmer of hope on electoral reform | Prime minister offers a glimmer of hope on electoral reform |
| The prime minister has done a podcast this afternoon with Michelle Grattan from The Conversation, and he’s flagged changes to the donations and disclosure regime after the next election. | The prime minister has done a podcast this afternoon with Michelle Grattan from The Conversation, and he’s flagged changes to the donations and disclosure regime after the next election. |
| Turnbull says in an ideal world you’d have limitations on campaign expenditure, and you’d restrict donations to people on the electoral roll, but he says there are also constitutional issues when you try and restrict various people and groups from spending. (That is, of course, true). | Turnbull says in an ideal world you’d have limitations on campaign expenditure, and you’d restrict donations to people on the electoral roll, but he says there are also constitutional issues when you try and restrict various people and groups from spending. (That is, of course, true). |
| He says he’s very interested in change, but it’s a very challenging area. | He says he’s very interested in change, but it’s a very challenging area. |
| I am very interested in the issue I assure you. | I am very interested in the issue I assure you. |
| His comments are towards the end of the podcast if you want to listen. | His comments are towards the end of the podcast if you want to listen. |
| 7.36am BST | 7.36am BST |
| 07:36 | 07:36 |
| Here is Labor’s formal response to the RBA appointments. Shadow treasurer Chris Bowen. Check out the last line. Labor not delighted with Ian Harper’s appointment. | Here is Labor’s formal response to the RBA appointments. Shadow treasurer Chris Bowen. Check out the last line. Labor not delighted with Ian Harper’s appointment. |
| Labor extends its appreciation to Reserve Bank of Australia Governor Glenn Stevens for his service over two five-year terms. | Labor extends its appreciation to Reserve Bank of Australia Governor Glenn Stevens for his service over two five-year terms. |
| Governor Stevens has guided the reserve with a steady hand since 2006, through the highs of the mining boom and the lows of the Global Financial Crisis. The RBA is a vitally important national institution, and Governor Stevens has led it well. | Governor Stevens has guided the reserve with a steady hand since 2006, through the highs of the mining boom and the lows of the Global Financial Crisis. The RBA is a vitally important national institution, and Governor Stevens has led it well. |
| I welcome the elevation of Deputy Governor Philip Lowe to the position of Governor. | I welcome the elevation of Deputy Governor Philip Lowe to the position of Governor. |
| Dr Lowe is one of the finest Australian economists of his generation. He joined the Reserve bank as a student in 1980, and has served with distinction, with breaks to complete doctoral studies at MIT, and a secondment to the Bank of International Settlements in Switzerland. | Dr Lowe is one of the finest Australian economists of his generation. He joined the Reserve bank as a student in 1980, and has served with distinction, with breaks to complete doctoral studies at MIT, and a secondment to the Bank of International Settlements in Switzerland. |
| I also congratulate RBA board member Dr John Edwards on his service. Dr Edwards term comes to an end in July after an illustrious career in both public service and in government. He has made a considerable personal contribution to the Australian economy, and I am sure he will continue to do so in the future. | I also congratulate RBA board member Dr John Edwards on his service. Dr Edwards term comes to an end in July after an illustrious career in both public service and in government. He has made a considerable personal contribution to the Australian economy, and I am sure he will continue to do so in the future. |
| Dr Edwards would have been very worthy of reappointment to the board for a second term. | Dr Edwards would have been very worthy of reappointment to the board for a second term. |
| I note the appointment of Ian Harper to the RBA board. | I note the appointment of Ian Harper to the RBA board. |
| 7.27am BST | 7.27am BST |
| 07:27 | 07:27 |
| In last 24 hours, Govt has appointed RBA Gov, Dep President FWC, 5 Ambassadors, Human Rights Commissioner... Goes into caretaker on Monday | In last 24 hours, Govt has appointed RBA Gov, Dep President FWC, 5 Ambassadors, Human Rights Commissioner... Goes into caretaker on Monday |
| 7.16am BST | 7.16am BST |
| 07:16 | 07:16 |
| Here’s the statement on the RBA appointments from Scott Morrison. | Here’s the statement on the RBA appointments from Scott Morrison. |
| Dr Lowe brings a wealth of knowledge and experience to the role of governor, having served as the RBA deputy governor since early 2012, heading up many of the RBA’s analytical departments, and publishing on a wide range of issues relevant to the operation of monetary policy over his three decade career with the RBA. Dr Lowe also served as Head of the Financial Institutions and Infrastructure Division at the Bank for International Settlements (2000 – 2002), where he authored important research on the financial stability role of central banks in low-inflation environments. | Dr Lowe brings a wealth of knowledge and experience to the role of governor, having served as the RBA deputy governor since early 2012, heading up many of the RBA’s analytical departments, and publishing on a wide range of issues relevant to the operation of monetary policy over his three decade career with the RBA. Dr Lowe also served as Head of the Financial Institutions and Infrastructure Division at the Bank for International Settlements (2000 – 2002), where he authored important research on the financial stability role of central banks in low-inflation environments. |
| Dr Lowe earned a PhD in Economics from the Massachusetts Institute of Technology after being awarded the University Medal for his undergraduate studies in economics at the University of New South Wales. Dr Lowe is well regarded in the central banking community, financial markets, and the Australian business community, and will reinforce existing confidence in the institution. | Dr Lowe earned a PhD in Economics from the Massachusetts Institute of Technology after being awarded the University Medal for his undergraduate studies in economics at the University of New South Wales. Dr Lowe is well regarded in the central banking community, financial markets, and the Australian business community, and will reinforce existing confidence in the institution. |
| I congratulate Dr Lowe on his appointment and also thank Mr Glenn Stevens for his valuable leadership of the RBA over the past ten years. International developments required Mr Stevens to steward the RBA through a challenging decade for the Australian economy, which included the global financial crisis, the passing of a once in a generation terms of trade boom, and the rise and fall of an unprecedented mining investment boom. The government thanks Mr Stevens and his staff for the role they played in helping the Australian economy navigate these significant challenges over the decade. | I congratulate Dr Lowe on his appointment and also thank Mr Glenn Stevens for his valuable leadership of the RBA over the past ten years. International developments required Mr Stevens to steward the RBA through a challenging decade for the Australian economy, which included the global financial crisis, the passing of a once in a generation terms of trade boom, and the rise and fall of an unprecedented mining investment boom. The government thanks Mr Stevens and his staff for the role they played in helping the Australian economy navigate these significant challenges over the decade. |
| I am also pleased to announce the appointment of Professor Ian Harper as a part-time member of the Reserve Bank Board for a five-year term from 31 July 2016. | I am also pleased to announce the appointment of Professor Ian Harper as a part-time member of the Reserve Bank Board for a five-year term from 31 July 2016. |
| Professor Harper’s combined experience in public policy development and academia will enable him to make a strong contribution to Reserve Bank Board deliberations. Professor Harper recently chaired the Competition Policy Review (Harper Review), served as a member of the Financial System Inquiry (the Wallis Inquiry), and was the inaugural Chairman of the Australian Fair Pay Commission. | Professor Harper’s combined experience in public policy development and academia will enable him to make a strong contribution to Reserve Bank Board deliberations. Professor Harper recently chaired the Competition Policy Review (Harper Review), served as a member of the Financial System Inquiry (the Wallis Inquiry), and was the inaugural Chairman of the Australian Fair Pay Commission. |
| Professor Harper also brings strong academic credentials to the Reserve Bank Board, having spent two decades as a Professor at the University of Melbourne – first as the NAB Professor of Monetary and Financial Economics (1988–1992), then as the Ian Potter Professor of International Finance (1992–2002), and the Sidney Myer Professor of Commerce & Business Administration (2002–2008) at Melbourne Business School. | Professor Harper also brings strong academic credentials to the Reserve Bank Board, having spent two decades as a Professor at the University of Melbourne – first as the NAB Professor of Monetary and Financial Economics (1988–1992), then as the Ian Potter Professor of International Finance (1992–2002), and the Sidney Myer Professor of Commerce & Business Administration (2002–2008) at Melbourne Business School. |
| Professor Harper’s term on the Reserve Bank Board coincides with the conclusion of Dr John Edward’s term on 30 July 2016. Dr Edwards has made an important contribution to Reserve Bank board deliberations through a challenging period for the Australian economy and I thank him for his service. I wish him every success for the future. | Professor Harper’s term on the Reserve Bank Board coincides with the conclusion of Dr John Edward’s term on 30 July 2016. Dr Edwards has made an important contribution to Reserve Bank board deliberations through a challenging period for the Australian economy and I thank him for his service. I wish him every success for the future. |
| The appointment of Dr Lowe will create a vacancy at the deputy governor level in the RBA, the filling of which will be considered in the second half of the year. | The appointment of Dr Lowe will create a vacancy at the deputy governor level in the RBA, the filling of which will be considered in the second half of the year. |
| These appointments were made in accordance with the relevant provisions of the Reserve Bank Act 1959 (the Act). Under sections 14 and 24 of the Act respectively, the Treasurer appoints Reserve Bank board members and the RBA Governor. | These appointments were made in accordance with the relevant provisions of the Reserve Bank Act 1959 (the Act). Under sections 14 and 24 of the Act respectively, the Treasurer appoints Reserve Bank board members and the RBA Governor. |
| 7.07am BST | 7.07am BST |
| 07:07 | 07:07 |
| New governor for the Reserve Bank | New governor for the Reserve Bank |
| Down in the House, Scott Morrison is announcing Phillip Lowe will replace Glenn Stevens as the governor of the Reserve Bank – Lowe is a deputy governor of the RBA – and Ian Harper, architect of the competition review, will go onto the Reserve Bank board. | Down in the House, Scott Morrison is announcing Phillip Lowe will replace Glenn Stevens as the governor of the Reserve Bank – Lowe is a deputy governor of the RBA – and Ian Harper, architect of the competition review, will go onto the Reserve Bank board. |
| That’s a pretty big appointment to make five seconds away from the caretaker period. The shadow treasurer Chris Bowen makes it clear Labor hasn’t been consulted on this appointment, but he supports it nonetheless. | That’s a pretty big appointment to make five seconds away from the caretaker period. The shadow treasurer Chris Bowen makes it clear Labor hasn’t been consulted on this appointment, but he supports it nonetheless. |
| 7.03am BST | 7.03am BST |
| 07:03 | 07:03 |
| As flagged before, in the event you want some colour and movement from the suspension debate, Tony Burke had a very jolly time of it. Here’s a clip of his speech. | As flagged before, in the event you want some colour and movement from the suspension debate, Tony Burke had a very jolly time of it. Here’s a clip of his speech. |
| 6.48am BST | 6.48am BST |
| 06:48 | 06:48 |
| Morrison says everytime people hear Bill Shorten announce something tonight in the budget in reply, they will be paying for it. | Morrison says everytime people hear Bill Shorten announce something tonight in the budget in reply, they will be paying for it. |
| And that’s the debate. | And that’s the debate. |
| Give me a minute and I’ll be back with the afternoon, evening and night. | Give me a minute and I’ll be back with the afternoon, evening and night. |