The standing ovation that outgoing Reserve Bank governor Philip Lowe received at the Anika Foundation lunch on Thursday was richly deserved. Lowe’s speech, poignantly entitled “Some Closing Remarks”, was thoughtful, humorous and humble. In other words, it was a thoroughly classy note to finish on.

Lowe was also mildly pointed. While he conceded there  were lessons to be learned from the forward guidance he infamously provided during the pandemic, he took a shot at the media’s tendency to turn his careful and often conditional language into black and white statements, such as a “promise that interest rates would not go up until 2024; everybody needs to get a flatmate; people need to work more hours to make ends meet; and young adults should stay at home because of the rental crisis”.