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Philip Lowe
Philip Lowe (born 4 October 1961) is an Australian economist and former Governor of the Reserve Bank of Australia, from September 2016 to September 2023. He was also deputy governor under Glenn Stevens from February 2012 to September 2016. Early life and education Lowe was born in Wagga Wagga, New South Wales. He was the eldest of five children. He attended St Michael's High School and Trinity Senior High School. Lowe later moved to Sydney and was hired by the RBA straight out of high school. He was initially employed as a clerical worker in 1980 at the age of 17, while completing his undergraduate commerce degree at the University of New South Wales by attending night classes. He was awarded first-class honours and the University Medal on his graduation in 1985. Lowe later completed a doctorate in 1994 at the Massachusetts Institute of Technology (MIT), with Paul Krugman as his adviser. Career Lowe started working at the Bank at age 18. In 1997, Lowe was appointed head ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Governor Of The Reserve Bank Of Australia
The Reserve Bank of Australia (RBA) is Australia's central bank and banknote issuing authority. It has had this role since 14 January 1960, when the ''Reserve Bank Act 1959'' removed the central banking functions from the Commonwealth Bank. The bank's main policy role is to control inflation levels within a target range of 2–3%, by controlling the unemployment rate according to the 'non-accelerating inflation rate of unemployment' ( NAIRU) by controlling the official cash rate. The NAIRU was implemented in most western nations after 1975, and has been maintained at a target of 5–6% unemployment. The average unemployment rate in Australia between the end of the Second World War and the implementation of the NAIRU was consistently between 1 and 2%. Since the implementation of the NAIRU, the average unemployment rate in Australia has been close to 6%. The RBA also provides services to the Government of Australia and services to other central banks and official institutions. T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bachelor Of Commerce
A Bachelor of Commerce (BCom or B Com) is an undergraduate degree in commerce, accounting, mathematics, economics, and management-related subjects. The degree is mainly offered in Commonwealth nations. Structure Bachelor of Commerce The Bachelor of Commerce degree is designed to provide students with a wide range of managerial skills, while building competence in a particular area of business; see aside listing. For a comparison with other business degrees, see . Most universities, therefore, plan the degree such that in addition to their major, students are exposed to general business principles, taking courses in accounting, finance, economics, business management, human resources and marketing. Programs often require foundational courses in business statistics and mathematics, and information systems. Depending on the institution, a formal academic major may or may not be established. Regardless, a Bachelor of Commerce degree requires students to take the majority o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Guardian Australia
''Guardian Australia'' is the Australian website of the British global online and print newspaper, ''The Guardian''. Available solely in an online format, the newspaper's launch was led by Katharine Viner in time for the 2013 Australian federal election The 2013 Australian federal election to elect the members of the 44th Parliament of Australia took place on Saturday, 7 September 2013. The centre-right Coalition (Australia), Liberal/National Coalition Opposition (Australia), opposition led by ... and followed the introduction of ''Guardian US'' in 2011. ''Guardian Australia'' is owned by Guardian Media Group, which is in turn owned by the Scott Trust, which aims to stay independent and free from 'commercial pressures'. The online publication relies on digital advertising and voluntary reader donations or subscriptions for revenue, eschewing enforced paywalls implemented by other news websites. ''Guardian Australias headquarters is based in the Sydney suburb of Surry Hi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Morgan Stanley
Morgan Stanley is an American multinational investment bank and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in 42 countries and more than 80,000 employees, the firm's clients include corporations, governments, institutions, and individuals. Morgan Stanley ranked No. 61 in the 2023 Fortune 500 list of the largest United States corporations by total revenue and in the same year ranked #30 in Forbes Global 2000. The original Morgan Stanley, formed by J.P. Morgan & Co. partners Henry Sturgis Morgan (a grandson of J.P. Morgan), Harold Stanley, and others, came into existence on September 16, 1935, in response to the Glass–Steagall Act, which required the splitting of American commercial and investment banking businesses. In its first year, the company operated with a 24% market share (US$1.1 billion) in public offerings and private placements. The current Morgan Stanley is the result of the merger of the origi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inflation
In economics, inflation is an increase in the average price of goods and services in terms of money. This increase is measured using a price index, typically a consumer price index (CPI). When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money. The opposite of CPI inflation is deflation, a decrease in the general price level of goods and services. The common measure of inflation is the inflation rate, the annualized percentage change in a general price index. Changes in inflation are widely attributed to fluctuations in Real versus nominal value (economics), real demand for goods and services (also known as demand shocks, including changes in fiscal policy, fiscal or monetary policy), changes in available supplies such as during energy crisis, energy crises (also known as supply shocks), or changes in inflation expectations, which may be self-fulfilling. Moderat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Price Index
A consumer price index (CPI) is a statistical estimate of the level of prices of goods and services bought for consumption purposes by households. It is calculated as the weighted average price of a market basket of Goods, consumer goods and Service (economics), services. Changes in CPI track changes in prices over time. The items in the basket are updated periodically to reflect changes in consumer spending habits. The prices of the goods and services in the basket are collected (often monthly) from a sample of retail and service establishments. The prices are then adjusted for changes in quality or features. Changes in the CPI can be used to track inflation over time and to compare inflation rates between different countries. While the CPI is not a perfect measure of inflation or the cost of living, it is a useful tool for tracking these economic indicators. It is one of several Price index, price indices calculated by many national statistical agencies. Overview A CPI is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Senate
The Senate is the upper house of the Bicameralism, bicameral Parliament of Australia, the lower house being the Australian House of Representatives, House of Representatives. The powers, role and composition of the Senate are set out in Chapter I of the Constitution of Australia, federal constitution as well as federal legislation and Constitutional convention (political custom), constitutional convention. There are a total of 76 senators: twelve are elected from each of the six states and territories of Australia, Australian states, regardless of population, and two each representing the Australian Capital Territory (including the Jervis Bay Territory and Norfolk Island) and the Northern Territory (including the Australian Indian Ocean Territories). Senators are popularly elected under the single transferable vote system of proportional representation in state-wide and territory-wide districts. Section 24 of the Constitution of Australia, Section 24 of the Constitution provi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Official Cash Rate
The official cash rate (OCR) is the term used in Australia and New Zealand for the bank rate and is the rate of interest which the central bank charges on overnight loans between commercial banks. This allows the Reserve Bank of Australia and the Reserve Bank of New Zealand to adjust the interest rates that apply in each country's economy. The OCR cannot be changed by transactions between financial institutions as this does not change the supply of money, only its location. Only transfers between the central bank and an institution can affect the OCR. As banks settle all inter-bank transfers overnight, the central bank can regulate the rate paid for cash by the sale or buy back of bonds and other government issued securities (these are known as domestic market operations). As the sale or purchase of bonds affects the supply of money, then the interest rate will change to reflect its availability. This system indirectly influences the term structure of interest rates in the whole ec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reserve Bank Of Australia
The Reserve Bank of Australia (RBA) is Australia's central bank and banknote issuing authority. It has had this role since 14 January 1960, when the ''Reserve Bank Act 1959'' removed the central banking functions from the Commonwealth Bank. The bank's main policy role is to control inflation levels within a target range of 2–3%, by controlling the unemployment rate according to the 'non-accelerating inflation rate of unemployment' (NAIRU) by controlling the official cash rate. The NAIRU was implemented in most western nations after 1975, and has been maintained at a target of 5–6% unemployment. The average unemployment rate in Australia between the end of the Second World War and the implementation of the NAIRU was consistently between 1 and 2%. Since the implementation of the NAIRU, the average unemployment rate in Australia has been close to 6%. The RBA also provides services to the Government of Australia and services to other central banks and official institutions. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Superannuation In Australia
Superannuation in Australia, or "super", is a savings system for workplace pensions in retirement. It involves money earned by an employee being placed into an investment fund to be made legally available to members upon retirement. Employers make compulsory payments to these funds at a proportion of their employee's wages. Currently set at 11.5%, from 1 July 2025, the mandatory minimum "guarantee" contribution is 12%. The superannuation guarantee was introduced by the Hawke government to promote self-funded retirement savings, reducing reliance on a publicly funded pension system. Legislation to support the introduction of the superannuation guarantee was passed by the Keating Government in 1992. Contributions to superannuation accounts are subject to a concessional income tax rate of 15%. This means that for most Australians, the tax on their earned income sent to a superannuation account is less than the income tax on earned income sent to their bank account. Australians c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Treasurer Of Australia
The Treasurer of Australia, also known as the Federal Treasurer or more simply the Treasurer, is the Federal Executive Council (Australia), minister of state of the Australia, Commonwealth of Australia charged with overseeing government revenue collection, federal expenditure and economic policy as the head of the Treasury (Australia), Department of the Treasury. The current treasurer is Jim Chalmers, who was selected by Prime Minister Anthony Albanese in May 2022 following the 2022 Australian federal election. The Treasurer implements ministerial powers through the Treasury (Australia), Department of the Treasury and a range of other government agencies. According to constitutional convention, the Treasurer is always a member of the Parliament of Australia with a Divisions of the Australian House of Representatives, seat in the Australian House of Representatives, House of Representatives. The office is generally seen as equivalent to the Chancellor of the Exchequer in the Un ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank For International Settlements
The Bank for International Settlements (BIS) is an international financial institution which is owned by member central banks. Its primary goal is to foster international monetary and financial cooperation while serving as a bank for central banks. With its establishment in 1930 it is the oldest international financial institution. Its initial purpose was to oversee the settlement of World War I war reparations. The BIS carries out its work through its meetings, programmes and through the Basel Process, hosting international groups pursuing global financial stability and facilitating their interaction. It also provides banking services, but only to central banks and other international organizations. The BIS is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City. History Background International monetary cooperation started to develop tentatively in the course of the 19th century. An early case was a £400,000 loan in gold coins, in 1825 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
