Good morning, I’m Amy in Melbourne. Outgoing RBA Governor Philip Lowe will face a final questioning today. Here the latest news from our region and abroad.
Philip Lowe will have his last appearance before parliament as RBA Governor today, but there are many challenges ahead for his successor and current MP, Michele Bullock, who will also appear. Australia’s currency depreciation appears, historically a boon for the world’s 12th largest economy. more likely to drive inflation instead of providing a tailwind to their import-competing industries. The Australian dollar is among the worst performing developed market currencies in the past year.
Prime Minister Anthony Albanese will head to the US on a official visit on October 25including a state dinner, in recent sign of close relationships between Washington and Canberra. Albanese will meet with US President Joe Biden to discuss progress on US-Australia deals on climate change, critical minerals and the AUKUS security partnership.