ACCI Statement On RBA's Interest Rates Decision
Australia's largest and most representative business organisation welcomed today's decision on interest rates by the Reserve Bank of Australia (RBA).
ACCI's Direcrtor of Economic and Industry Policy Greg Evans said, “The RBA has correctly interpreted the mixed economic signals as not warranting a further interest rate rise at this time."
After the May increase, which was the sixth in eight months, ACCI called for a pause during the winter period and so far this call has been heeded.
"There is no basis for retail banks to hike rates outside of this decision to hold them at current levels, given that banks have already spent the past twenty months pricing the higher cost of funds into rates paid by their business customers," Greg Evans said.