If Reserve Bank of Australia Governor Philip Lowe’s first four monetary policy decision statements are anything to go by, then he likes to say a bit more than his predecessor.
Lowe’s monetary policy decision statements have each been longer than all but one of former governor Glenn Steven’s between February 2015 and September 2016, a word count check by Business Insider shows.
Stevens retired in September and handed over the top job to his then deputy Lowe.
Lowe’s four statements so far average 540.5 words with today’s being longest at 597 words. Stevens averaged 434 between February 2015 and his retirement. Only the February 2015 statement went above 500 words and that was when Stevens lowered the RBA cash rate by 25 basis points to 2.25%.
On Tuesday, Lowe left interest rates unchanged at a record low of 1.5% and in the accompanying statement the he gave no indication that interest rates were likely to change in the foreseeable future, delivering a neutral bias.