Australians Need to Be Prepared for When Interest Rates Go Up: RBA Governor

Philip Lowe, Governor of the Reserve Bank of Australia, addresses the National Press Club at The Fullerton Hotel in Sydney, Australia, on Feb. 2, 2022. Lisa Maree Williams/Getty Images

Philip Lowe, governor of the Reserve Bank of Australia (RBA), has advised Australians to have a mortgage payment buffer for when interest rates inevitably rise.

“Interest rates will go up. We need to be prepared for that, and people need to have buffers,” Lowe told the National Press Club on Wednesday in response to a question. “One of the things that I think will happen is interest rates will go up. I can’t tell you when, but they will go up.”