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Reserve Bank Australia (RBA) governor Philip Lowe will not be reappointed to the role as governor, with a decision on his replacement to be made from as early as today.
Cabinet is set to meet this morning, where Treasurer Jim Chalmers will reveal the government's choice of governor who should take the top job.
Lowe's seven-year term as Reserve Bank governor will not be extended when it expires on September 17.
READ MORE: Senator defends RBA boss amid mounting calls for his replacement
Appearing on Today, Deputy Prime Minister Richard Marles refused to confirm the announcement of a new governor was imminent, but struggled when host Karl Stefanovic questioned him about when the new governor would be announced.
Marles said he was not "really sure" how to answer the question, but said "the best person for the job going forward…will be chosen".
Yesterday Prime Minister Anthony Albanese brushed off the question when he was asked if the government would be announcing a new governor today.
"We have meetings all the time and we will have meetings in the usual way. I've been away. So it's not unusual for us to have meetings when I return," Albanese said.
Lowe's term as governor expires on September 17, and it has been widely speculated that Treasurer Jim Chalmers will opt to replace Lowe rather than extend his tenure.
READ MORE: Struggling renters should get flatmates or move home, RBA boss says
Asked about his time at the central bank potentially coming to an end on Wednesday, Lowe said he would support whoever the government selects.
"In terms of my own position, as I have said before, if I was asked to continue in the role, I would be honoured to do that and I would continue," he said.
"If I am not asked to continue in the role, I will do my best to support my successor, and the treasurer has said he will make an announcement before the end of this month.
"I haven't got anything more to add on that."
Current deputy governor Michele Bullock, treasury secretary Steven Kennedy, and Parliamentary Budget Office head Jenny Wilkinson have been mentioned among the list of potential candidates to replace Lowe.
Lowe is still due to go to India with Chalmers on Monday for a meeting of the G20.
Calls for Lowe's resignation have intensified in recent months as Aussie borrowers grapple with 12 interest rate hikes in 15 months.
Criticism became particularly heated after Lowe suggested that struggling renters should simply move or consider housemates to combat skyrocketing rents, with the statement branded "tone-deaf".
READ MORE: RBA boss defends 'unpopular' rate hikes in Senate estimates hearing
Liberal Senator Jane Hume last week defended Lowe, saying "he is certainly well qualified to stay in the position".
"I do feel he has been unfairly demonised by the government, who have pointed to high interest rates and said: 'see, that's his fault'," she told 9News.
Hume said Lowe was "only doing his job" to keep inflation within a 2 to 3 per cent band.
"If the Government isn't doing their fair share of heavy lifting then of course the RBA has to do the hard work," she said.
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