3 February 2015
Statement by Alex Malley, chief executive of CPA Australia
“Today’s decision by the Reserve Bank of Australia (RBA) to cut official interest rates by 0.25% is a positive move for Australian businesses and households.
“Given Australia’s low inflation environment, this interest rate cut will be warmly welcomed by both businesses and families. The dual impact of the lower fuel prices we’re all enjoying and a rate cut will provide the necessary catalyst for businesses to invest and employ more staff.
By talking action today, the RBA has signaled to global markets that we still have the tools to promote investment and economic activity and that we are prepared to use them to boost Australia’s global competitiveness.
“Today’s interest rate cut will further support the current downward pressure on the Australian dollar and facilitate business’ ability to sell its products and services to the world, strengthening our terms of trade.
“Doubling down on cheap petrol with a rate cut will provide a prudent buffer against what the IMF calls the “strong and complex cross currents” of the world economy.”
Alex Malley is the chief executive of CPA Australia
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