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Rate rise could cause recession: Symond

July 04, 2011 Reporter 0 comments

Staff Reporter

Aussie Home Loans founder John Symond has called for the Reserve Bank not to increase interest rates at its monthly meeting tomorrow.

“There are many reasons why the Reserve Bank should not lift rates, perhaps the most important being the fact that the non-mining economy is slowing, with retail sales and consumer confidence down,” Mr Symond said.

“We are currently seeing a two-speed economy and many non-mining industry sectors are suffering.

“As a result, one or two more rate rises could well tip Australia into recession,” he said.

Mr Symond suggested home owners and credit card holders should investigate their own financial situation and seek to more closely manage their mortgages and credit cards to further shore up their financial security.

“Borrowers should investigate simple measures like making fortnightly and extra payments or even refinance to a mortgage more suited to their needs,” he said.

Rate rise could cause recession: Symond
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