Posted: 2023-02-15 18:00:00

When Philip Lowe walked in for his scheduled grilling by senators on Wednesday, the room went completely silent.

The committee's morning tea chit-chat ended abruptly. All eyes were on the man blamed for the nation's mortgage pain.

But if Lowe was feeling the heat of the daily demands for his resignation and the pot-shots even from members of the government, he didn't show it.

For 90 minutes, the Reserve Bank Governor calmly explained why nine rapid interest rate rises, with the prospect of more to come, were the only way to go.

He tried to show empathy for those doing it "really tough". He understood. He read their letters with a "heavy heart" and found them "personally disturbing".

"We're here to help people," the Governor said, without irony.

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