He was initially employed as a clerical worker in 1980 at the age of 17,[5][6] while completing his undergraduate commerce degree at the University of New South Wales by attending night classes.

[10] In May 2016, Scott Morrison (the Treasurer of Australia) announced that Lowe would succeed Glenn Stevens at the head of the RBA at the end of his term in September 2016.

[15][16] Following the rises in the official cash rate, Lowe apologised in November 2022 stating he was "sorry that people listened to what we've said and acted on that, and now find themselves in a position they don't want to be in.

"[17] In May 2023 during an Australian Senate Economics Legislation Committee (Budget Estimates) hearing, Lowe suggested that the housing market was one of the biggest drivers of the Consumer price index that has contributed to Inflation and to reduce demand, people should be sharing more dwellings or living with their parents for longer which attracted controversy on social media and media sources.

[18][19] On 7 June 2023 at the Morgan Stanley Australia Summit in Sydney following another OCR rise, Lowe said people should reduce spending and find additional work to maintain the cost of living which also attracted similar attention to previous comments.

[20][21] It was revealed in March 2023 that in 1997 Lowe received a taxpayer-subsidised home loan for his five bedroom residence in Randwick, New South Wales, the time he was appointed the head of the RBA's Economics Research Department.