Finance expert Peter Switzer has urged Reserve Bank Governor Michele Bullock to be 'courageous' and keep interest rates on hold in November, adding a further hike 'could create a recession'.
Reserve Bank Governor Michele Bullock has been urged to be"courageous" and keep interest rates on hold in November, as one expert warns another hike could have dire consequences for struggling households.Finance expert Peter Switzer has urged Reserve Bank Governor Michele Bullock to be"courageous" and keep interest rates on hold in November, adding a further hike"could create a recession".
Speaking to Sky News Australia on Monday, Mr Switzer conceded it was likely the RBA would push ahead with the hike, but questioned whether it was necessary given the potentially dire consequences for already struggling households. "Most economists are saying she will raise. I don't know if they're saying she should, but they're saying she will."
His view appears to be shared by Treasurer Jim Chalmers, who last month pushed back against economists' predictions and appeared to suggest the RBA should keep rates on hold when it meets on Tuesday." will obviously assess these numbers in their own way, but what we've seen today is consistent with our expectations. It doesn't materially change the inflation outlook going forward.
"The monetary policy lag, which is always long, is longer this time so if she raises she could actually create a recession that we don't really have to have," Mr Switzer said.
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