Real Estate Institute of Australia (REIA) President, Ms Pamela Bennett says the Reserve Bank of Australia has ample justification to cut the official cash rate at next week’s Board meeting.
Ms Bennett says while the Reserve Bank is an independent body, the Government has sent a clear message in the Budget about which way monetary policy should be heading and recent figures have only underlined the need for the RBA to act.
“Retail figures are going nowhere and building approvals have fallen dramatically. It seems everywhere you look outside the mining sector, the economy needs support and the RBA is in a position to do something about it,” Ms Bennett said.
