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Aussie calls for Reserve Bank to drop rates | Updated: 7:24:22 PM, Monday October 31, 2011
By BigPond Money Australia’s leading mortgage broker and non-bank lender, Aussie Home Loans, today called for the Reserve Bank to drop official interest rates by at least 0.25 per cent at its meeting next Tuesday (November 1, 2011).
 
Executive Chairman of Aussie, Mr John Symond said, “The latest inflation figures show that the economy is slowing and it is time for the Reserve Bank to inject some much needed confidence back into consumers.

“We are heading into the crucial Christmas retail season and a rate drop will boost sales and the rest of the economy. Australia is slowly recovering from the Global Financial Crisis but is susceptible to any economic shocks, which continue to be felt overseas”, he added.

Mr Symond said the non-mining economy had been slowing for many months and the continuing lack of consumer confidence was hurting businesses.

“Many Australians are worried about their job security and are not spending money, while the spectre of new taxes is also hanging over them. The Reserve Bank has been consistently talking up interest rates over the last year and this has contributed to consumers’ reluctance to spend”, he concluded. |

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