Chamber of Commerce President David Littleproud.
Chamber of Commerce President David Littleproud. Emma Channon

Chamber upbeat over rates freeze

WARWICK loan holders may not have welcomed the Reserve Bank of Australia's decision to hold firm on the 4.25% interest rate but it is a good sign Chamber of Commerce President David Littleproud said.

"Obviously the RBA has to take into account national and international events," he said.

"They have provided us with a lever to alleviate global issues out of Europe and the USA."

There was buzz about another cut, bringing the rate down another .25% before yesterday's announcement and despite the back lash from some lenders, Mr Littleproud said it was important to see the positive.

He said if global conditions worsened, the RBA would be able to drop the rate if necessary because it didn't this time around.

"Obviously another cut would have been beneficial for the building and real estate markets but they have to take into account the challenges of the RBA," he said.

"I can understand the disappointment and we would have liked to have seen the rate cut.

"It doesn't help the millions of households out there that are struggling but we have to be realistic."

Warwick Credit Union senior sales and marketing manager Helen Roche agreed maintaining the 4.25% rate signalled some positives.

"The RBA thinks our economy can hold its own if something needs to be done from a global perspective," she said.

"From a local perspective we always want to see cuts but in saying that we have already seen half a per cent."

 

No cuts

  • RBA rates remain at 4.25%
  • Positive on a global scale
  • Disappointing for loan holders looking for a reduction
  • Leaves room to move if there global economy continues to struggle

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