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ISCOVER
Staff Reporter
Aussie’s executive chairman John Symond has urged the Reserve Bank of Australia to cut the official cash rate at its November board meeting.
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Mr Symond said a rate drop would help boost sales and the rest of the economy as Australia heads into the crucial Christmas retail season.
“Australia is slowly recovering from the Global Financial Crisis but is susceptible to any economic shocks, which continue to be felt overseas,” he said.
Mr Symond said the non-mining economy had been slowing for many months and the continuing lack of consumer confidence was hurting businesses.
“Many Australians are worried about their job security and are not spending money, while the spectre of new taxes is also hanging over them. The Reserve Bank has been consistently talking up interest rates over the last year and this has contributed to consumers’ reluctance to spend.”
