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One industry pundit has slammed the Reserve Bank for not cutting the official cash rate yesterday.
1300HomeLoan's managing director John Kolenda said the Reserve Bank's widely-expected decision to keep the cash rate at a record low of 2.75 per cent fell well short of the strong measures needed to revive consumer confidence.
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"Let's face it: the RBA's last rate cut in May provided a small economic boost but things have got worse since then with the weakness in the Chinese economy and Europe in particular," Mr Kolenda said.
"If we don't get a strong rise in building approvals soon and a pick-up in retail spending, the Australian economy is looking at anaemic growth and rising unemployment.
"There are no inflationary pressures, so there's no reason why the Reserve Bank shouldn't use everything it has to get this economy moving again."
