Why was Philip Lowe not reappointed as RBA governor? We can rule out interest rates as a reason

Overall, Phil Lowe was an adept economic firefighter during his tenure at the Reserve Bank of Australia. Photograph: Bianca de Marchi/AAP

Time has officially been called on Philip Lowe’s leadership at the Reserve Bank of Australia, with Michele Bullock appointed as the bank’s new governor on Friday.

Jim Chalmers and Anthony Albanese have been keen to point out that the change in leaders was not a personal reflection on Lowe, stating that after “more than four decades of dedication and commitment and service … Phil Lowe goes with our respect, he goes with our gratitude, and he goes with dignity”.