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Governor Philip Lowe acknowledged some missteps in the central bank’s strategy on inflation during his tenure and said while the inflation target is now in view, further rate hikes may still be necessary to complete the bank’s important task.
Speculation over Lowe’s future as the RBA chief had been swirling for months amidst fallout over interest rate decisions. Bullock, the current deputy governor, will become the first female leader of the central bank.