Dr Lowe, who instigated an interest rate tightening cycle in May last year, is widely expected to leave when his time is up in September.
But opposition finance spokeswoman Jane Hume said he should be reappointed.
"We're in the middle of a cost-of-living crisis right now," the senator told Nine's Today show on Thursday.
"Consistency is very much the key to managing the economy.
"He is certainly well qualified to stay in the position."
Senator Hume said Dr Lowe had been unfairly demonised by the Labor government for doing his job by lifting interest rates to bring down high inflation.
"The government have pointed to high rates and said 'See, that's his fault'," she said.
"Poor old Philip Lowe is doing his job."
Speculation continues to mount about who the government could select to replace Dr Lowe.
Potential candidates include Treasury secretary Stephen Kennedy, Finance secretary Jenny Wilkinson, RBA deputy governor Michele Bullock, and high-ranking former RBA officials David Gruen and Guy Debelle.
Assistant Treasurer Stephen Jones confirmed an announcement on the RBA's leadership would be made in a couple of weeks.
While unable to comment on the speculated names, he said the government was fortunate to be drawing from a pool of outstanding candidates.
Greens senator Nick McKim said it was the policy of the RBA, not just the leadership, that was the problem.
"Swapping one corporate shill with another is not going to fix the problem," he said.
Senator McKim said the next RBA leader would ideally be able to pinpoint what was causing inflation and respond appropriately.
He offered up progressive Greek-Australian economist Yanis Varoufakis, a former Greek finance minister, as an ideal candidate.
Dr Lowe has weathered criticism about the central bank's hardline rate hiking cycle, which is hurting householders with mortgages already battling the rising cost of living.
He has also been attacked for telling Australians in 2021 that there would be no rate hikes until "at least 2024".
The RBA has raised its cash rate 12 times since May 2022, with pauses in April and this month.
The cash rate sits at 4.1 per cent.
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