Staff Reporter
Aussie’s executive chairman John Symond has urged the Reserve Bank of Australia to cut the official cash rate by at least 25 basis points when the Board meets next week.
“Australia continues to be susceptible to economic shocks from overseas and small retailers and businesses are doing it tough as we head into the crucial Christmas retail season,” Mr Symond said.
“A rate drop will boost retail sales and the rest of the economy – especially employment - providing much needed confidence to consumers.”
Mr Symond’s pleas could come to fruition as many economists, including AMP’s Shane Oliver, are all predicting a Melbourne Cup rate cut.
“While the upside surprise in inflation has made a rate cut next month a more marginal call, we think the RBA should and will cut on Melbourne Cup Day,” Mr Oliver said earlier this week.
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