Interest rates have “done as much as they can” to boost Australia’s economy, according to National Australia Bank acting CEO Philip Chronican. The Reserve Bank of Australia predicts Australia’s economy will grow at a sluggish 2.3 per cent in 2021, despite record-low interest rates.
Mr Chronican said the government must find measures to “increase demand” for business borrowing. In a wide-ranging interview with Sky News, the interim CEO also spoke about NAB's steep full-year profit drop, with the bank still grappling with the aftermath of the royal commission into the banking sector.
NAB PhilipChronican Westpac it needs a government that is awake, Scott Morrison, Frydenberg and Cormann continue to sleep through the stalled economy & low wages from more than 4 years. Still asleep with drought, rogue banks, aged care providers yet talk of less regulation. Wake and get out and about.
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RBA 'stands ready to ease further' | Sky News AustraliaEconomist Saul Eslake says it’s “more likely than not” that the Reserve Bank will further cut rates in February.\n\nIn September the RBA cut interest rates to a record 0.70 per cent in order to boost the economy's flagging growth.\n\nMr Eslake told Sky News conditions have made another cut likely.\n\n'It's forecasting below trend growth for at least another 18 months, inflation below the bottom end of the Reserve Bank’s target band for the best part of another two years, and unemployment clearly above its revised estimate of full employment,” Mr Eslake said.\n\n“It stands ready to ease further”.\n\nImage: Getty\n RBAInfo Westpac How good are liberal recessions 😂 😂 😂 RBAInfo Westpac It is achieving a small purpose than revitalising the economy. Money in pockets is the answer significant changes in costs of living are needed, Government has to reduce costs on everything including registrations & tolls simply transport is significant passed on to the consumer. RBAInfo Westpac Business is rapidly awakening to the many failures of the ScottMorrisonMP govt - economic, social and environmental. The LNP have lost Trust and Respect - as Australia moves into multiple crises AlboMP is looking like the Leader collaborative leader Australian business needs
Source: SkyNewsAust - 🏆 7. / 78 Read more »