Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Brokers call for rates halt

Staff Reporter 1 minute read

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.

Brokers call for rates halt
default
TheAdviser logo

The not-to-be-missed Accountants Daily Strategy Day will travel through Melbourne and Sydney in August to equip accounting professionals with the latest industry updates and tips for modern practice management as well as the latest cutting-edge technology, processes, strategies and trends shaping the future of accounting. Visit the website for more information: www.accountantsdaily.com.au/strategy-day

default

 

more from the adviser
damian zaleski RYyr k3Ysqg unsplash

Breaking News

GetCapital launches broker platform

The business lender has rolled out a new broker platform, as it h...

fixed rate

Breaking News

Loyalty tax issue flagged to MPs

Brokers are key to holding lenders to account to ensure borrowers...

trade deal contract

Breaking News

Connective launches trail book marketplace

The aggregation group has announced a new arrangement with a spec...