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ISCOVER
Staff Reporter
The recent round of positive economic data should not sway the Reserve Bank’s decision to keep the official cash rate at historic lows, according to one industry stakeholder.
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1300HomeLoan's managing director, John Kolenda, said he would be surprised and shocked if the Reserve Bank decided to turn around now and raise rates.
According to Mr Kolenda, the manufacturing, construction and retail sectors continue to struggle so rate increases would only hurt the economy more.
“While there are some positive signs in the market, there are equally as many concerns about the overall economy,” Mr Kolenda said.
“It’s premature to be talking up rates as this does not instil consumer confidence over the short to medium term.”
