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Phillip Lowe, former governor of the Reserve Bank of Australia, criticized Anthony Albanese's Labor government for running large budget deficits despite full employment and high commodity prices. He argued that this excessive government spending is fueling inflation and keeping interest rates high. Additionally, Lowe noted a more strained relationship between the RBA and the current government compared to previous administrations. Treasurer Jim Chalmers recently confirmed that the federal budget deficit has expanded to $22.3 billion on an underlying basis and $36.1 billion on a headline basis.
Written locally by qwen2.5:14b on 2026-09-30,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
Former Reserve Bank of Australia (RBA) governor Phillip Lowe criticized the current Labor government, warning that its spending is fueling inflation and keeping interest rates high. According to Lowe, the government should be running budget surpluses instead of deficits during a period of full employment and high commodity prices. Treasurer Jim Chalmers recently confirmed that the federal budget deficit had widened to $22.3 billion on an underlying basis and $36.1 billion on a headline basis. Lowe also noted that the relationship between the RBA and the current government has become more strained compared to previous administrations, indicating a potential breakdown in cooperation over economic policy.
Written for “RBA Boss Criticizes Government_policy” on 2026-10-05,
grounded in this article and the 0 other(s) covering the same event.
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Former Reserve Bank of Australia governor Phillip Lowe has taken a swipe at the Labor government, warning it needs to rein in spending to ease pressure on inflation and interest rates.
asserted
it → see → inflation
'Now we find ourselves running sizeable budget deficits at a time where we're at full employment and commodity prices are very high.
asserted
prices → find → employment
We should be running sizeable surpluses,' he said.
asserted
he → run → surpluses
'Government spending has been adding to demand progressively over time, and that's putting upward pressure on inflation.'
asserted
that → add → inflation
Lowe also said the Reserve Bank's relationship with the current government had become more strained than under previous Labor and Coalition governments.
asserted
relationship → say → governments
'The relationship with the current government has been more strained,' he said, adding that it 'wasn't as strong as it had been in the past'.
asserted
it → say → past
His comments come as Treasurer Jim Chalmers confirmed this week the federal budget deficit had blown out to $22.3 billion on an underlying basis and $36.1 billion on a headline basis.
asserted
deficit → come → basis
'Now we find ourselves running sizeable budget deficits at a time where we're at full employment and commodity prices are very high.
asserted
prices → find → employment
We should be running sizeable surpluses,' Lowe said.
asserted
Lowe → run → surpluses
He also argued tax reform was needed to boost investment, productivity and economic growth.
asserted
reform → argue → investment
'To get productivity increasing again, our living standards rising, we need Australia to be a great place for firms to invest, expand, innovate, and hire people,' Lowe said.
'
asserted
Lowe → get → people
So we need to have a pro-growth, pro-investment culture.
asserted
we → need → culture
'So when people ask how you do that, the first thing I think is taxation.'
asserted
I → ask → that
Lowe said Australia needed greater focus on economic growth rather than policies centred on redistributing income and wealth.
asserted
Australia → say → income
unless we change things, the stagnation is going to continue and we could go more than a decade without any advance in our real living standards, which, after three decades, is a huge disappointment, and I can understand why people aren't happy,' he said.
uncertain
he → change → decades
Former Reserve Bank of Australia governor Phillip Lowe has taken a swipe at the Labor government, warning it needs to rein in spending to ease pressure on inflation and interest rates
asserted
it → take → inflation
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