The Northern Rivers – NSW Business Chamber said the RBA’s decision to cut interest rates was a welcome move and a chance to provide Australian businesses, with some glimmer of compensation before the start of the world’s biggest carbon tax in less than a month.
“Australian businesses will now face the full force of the world’s biggest carbon tax with some assistance, not from the Federal Government, who are introducing the tax, but from the RBA,” said John Murray, Northern Rivers – NSW Business Chamber Regional Manager.
“This week’s decision to reduce interest rates is the silver lining of a dark cloud that will arrive on July 1.”
Mr Murray said attention would now turn to the major lenders to see how much of the RBA’s interest rate cut they would be passing on to their business borrowers.
“I call on the major lenders to do the right thing by their hard working business customers and pass on this interest rate cut in full. The banks held back much of the last rate cut to boost their profit margins – there is no excuse for them to double-dip again this time around.”
