The Albanese Government has started conducting secret interviews with potential replacements for the current Governor of the Reserve Bank of Australia, Philip Lowe.

The moves to replace Mr Lowe have begun under a cloak of secrecy to avoid spooking money markets and follow concerns within senior ranks of the government about the RBA Governor’s inability to clearly communicate the bank’s decisions and forecasts.

The Bug understands the final straw for the government was Mr Lowe’s defence in front of the Economics Committee of the House of Representatives in Canberra yesterday where he attempted to explain away his clear message from October 2020 that the RBA would not be lifting interest rates until 2024.

The RBA has raised its cash rate and therefore housing interest rates for five straight months and Mr Lowe yesterday said they would be going up again in October.

From his home south of Brisbane this morning Treasurer Jim Chalmers conducted the first in a planned series of  secret online interviews with possible replacements for Mr Lowe.

The interviewee, a Chauncey Gardiner based in Washington DC, was also  grilled by Prime Minister Anthony Albanese who dialled into the interview from London where he is attending events leading up to the Queen’s funeral on Monday.

The Bug presents below an exclusive extract from a transcript of the interview.

Jim Chalmers (JC): Mr. Do you think that we can stimulate growth through temporary incentives?

Chauncey Gardiner (CG): As long as the roots are not severed, all is well. And all will be well in the garden.

JC: In the garden?

CG: Yes. In the garden, growth has it seasons. First comes spring and summer, but then we have fall and winter. And then we get spring and summer again.

JC: Spring and summer?

CG: Yes.

JC: Then fall, or autumn as we say here, and winter?

CG: Yes.

Anthony Albanese (AA): I think what our insightful young friend is saying is that we welcome the inevitable seasons of nature, but we’re upset by the seasons of our economy.

CG: Yes! There will be growth in the spring!

AA: Hmm!

CG: Hmm!

JC: Hmm. Well, Mr. Gardiner, I must admit that is one of the most refreshing and optimistic statements I’ve heard in a very, very long time.

AA: I admire your good, solid sense. That’s precisely what we lack on Capital Hill.