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ISCOVER
Staff Reporter
Yesterday's 0.5 per cent rate cut has been welcomed by industry analysts.
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Aussie executive chairman John Symond labelled the decision a win, saying it was "time for the Reserve Bank to inject some much needed competition back into consumers and home buyers".
"Many Australians continue to be worried about their job security and are not spending money, while the spectre of new taxes and a tough Federal Budget next week is also hanging over them," he said.
Mr Symond said he was confident that the cash rate reduction would translate to lower mortgage rates, providing a much needed boost to the housing sector, especially with first home buyers.
Housing Industry Association chief economist Harley Dale agreed with Mr Symond, but said the Reserve Bank should not stop at this rate cut.
"Following this appropriate step taken by the central bank today, a further interest rate cut needs to follow in June," he said.
