Lowe's redemption
Former RBA governor Philip Lowe has been the villain of the economic narrative for the past two years. Might he finally get his redemption arc?
Philip Lowe has spent the past six months licking his wounds following a bruising episode that ended his more than four decades at the RBA, including as governor in the last six years. His legacy is inextricable from the Covid era and the outbreak of inflation that followed, but his next career decisions will shape his final contribution.
This might partly explain his latest move to join prominent fund manager Geoff Wilson’s philanthropic vehicle Future Generation, initially as an independent director and soon replacing former NSW premier Mike Baird as chair. Future Generation, which operates two ASX-listed investment vehicles, supports impact partners focused on children and at-risk youth. Lowe has agreed to waive his director’s fees in the role, as is typical at the fund.
Lowe is 62. He left the RBA amid a media frenzy over incorrect inflation predictions that left the public furious as interest rates increased. History cannot be re-written, but narratives can change quickly.
One of the motivations for Lowe was clear in his statement today on joining Future Generation Australia. He pointed out that he’d “always strived to be associated with organisations that enhance the welfare of Australians”.
