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Some of the biggest players in the broking industry are calling for a halt to any further interest rate rises by the Reserve Bank.
Mortgage Choice chief executive officer Michael Russell said that a “wait and see” approach should be taken by the banks over the coming months, as the market is still quite fragile.
“I wholeheartedly endorse calls for the Reserve Bank to keep the cash rate steady when it meets [today]. We must be very cautious and ensure Australia’s economic rebound does not unravel due to interest rates being lifted too much too early,” Mr Russell said.
Aussie Home Loans chief chairman John Symond took the same view and said with credit in short supply, a further rate hike now might hurt lending and consumer confidence, despite signs that the overall economy was emerging from the global downturn.
"We are heading into the crucial Christmas retail season and a rate hike will hurt sales and create further concerns for households,'' Mr Symond said.
"The Reserve Bank needs to be very cautious in lifting rates prematurely,” he said.
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