Mr Lowe pointed out yesterday that he might be the governor but he's also just one of nine on the Reserve Bank board who make the rates decisions - and that if he gets the boot, the entire board would have to go as well.
That was Mr Lowe's way of saying if politicians attack him, and undermine the independence of the RBA, the entire institution would be under attack - which means Treasurer Jim Chalmers has a lot to consider in terms of collatoral damage if he decides to make Philip Lowe walk the plank.
Also - in a surprise to most people - Mr Lowe confirmed the existence of Section 11 of the Reserve Bank Act that covers "differences of opinion" which technically would allow a Treasurer to effectivly go to the governor general asking him to intervene and overturn a decision .
Philip Lowe said the loophole had never been used but that it would be a retrograde step to ever use it.
Some observers saw alarming possibilities given Scott Morrison's controversial move to have himself appointed to multiple ministeries during the pandemic, a move signed off by the GG.
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