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Australia news live: Philip Lowe reportedly to be replaced as RBA governor; Wong meets top Chinese diplomat

Cabinet expected to meet to decide on who will next lead the Reserve Bank. Follow the day’s news live

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Lowe’s exit as RBA governor won’t be a big surprise

Few have expected Philip Lowe would have his seven-year term as Reserve Bank governor extended when it ended in September. Speculation is in a frenzy mode that we’ll have that confirmed later today by treasurer Jim Chalmers.

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