Philip Lowe is facing several calls to resign after breaking a major promise made to Australian owners.

On Tuesday, Governor Philip Lowe delivered the fifth consecutive rate hike, further raising the cash rate by 0.5% to 2.35%.

The decision has prompted fresh calls for the government to sack Philip Lowe from his post, given he initially told Australians that rates would not rise until 2024.

“This is a huge thing that is going to have really significant financial impacts on the lives of millions of Australians,” Greens Treasury spokesman Nick McKim told Nine.

“He was gravely mistaken… On that basis alone, Dr Lowe should leave.”

Australia’s central bank has now raised interest rates for five consecutive months in its most aggressive rate hikes since 1994.

He added hundreds of repayments to mortgage holders, but Dr Lowe insisted the central bank was ‘committed to doing what is necessary’ to bring inflation back to the 2-3 per cent target form the bank.

The RBA governor has previously said he expects inflation to tip 8% later this year.

Explaining the rate hike to his followers on TikTok, comedian Luke McGregor questioned Dr Lowe’s assertion that households have a big enough buffer of savings to weather the storm.

“To me, it feels really out of touch with what people are going through,” he said.

“A lot of people don’t have large financial reserves. Many people are going to be affected by the increase in their mortgages. A lot of people aren’t necessarily getting a massive pay raise right now.

“It’s the people who are already doing things the hard way who tend to spend on essentials and not much else who will suffer the most.

“So Philip Lowe… leave that.”

National Senator Matt Canavan agreed with the comedian and fellow Greens, in a move that left Today’s host Ally Langdon “shocked”.

“The Reserve Bank has failed. there is no doubt. I think this RBA Governor should have left when he promised not to raise rates until 2024 and now he has broken that promise five times,” he said.

“There must be accountability.”

Treasurer Jim Chalmers has repeatedly rejected calls to intervene, citing the bank’s independence from government.