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Amid mounting criticism over his handling of numerous interest rate hikes, Liberal Senator Jane Hume has defended Reserve Bank of Australia Governor Philip Lowe, claiming that he's "only doing his job".
Speaking on Today, Hume said Lowe "is one of the most qualified economists in the country", who has "steered the economy through some really difficult times" throughout his time in the top job.
"We're in the middle of a cost-of-living crisis right now and consistency is very much the key to managing the economy," Hume said.
READ MORE: RBA boss defends 'unpopular' rate hikes in Senate estimates hearing
Following calls for Lowe's replacement, the Senator said that she believes he should see out his term, though there are "interesting" would-be replacements emerging.
"He is certainly well qualified to stay in the position," she said.
"Now that said, there are some very interesting names on that list, the most important thing is that the governor of the Reserve Bank remains independent from the government of the day.
"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'."
READ MORE: RBA delivers shock rate hike as mortgage costs spiral
Hume said Lowe is "only doing his job" – a role he's held since 2016 – which is 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.
"There is a board behind him.
"He's the spokesperson for the decisions the board makes.
"I think he's done an exceptional job in difficult circumstances for many years."
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, a statement that was branded "tone-deaf".
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