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eTradesman.com.au - Australia's Online Tradesman Directory

Tradesman News - Rate Cut Cautionary Welcome

Australia’s peak building and construction industry association, Master Builders Australia, today in welcoming today’s rate cut cautioned that it won’t be enough to fix the weak trading conditions facing the building industry. Mr Wilhelm Harnisch, Chief Executive Officer, said “Master Builders’ September quarter national survey reveals just how tough the business environment has become for an industry that has lost the cushioning effect of government stimulus programs. “The building industry is clearly in the slow lane of the economy. “Sales and forward orders have fallen away dramatically in the past six to nine months as cautious clients, overseas events and difficulties accessing finance work against any upturn. ‘Today’s rate cut will be welcome news for existing homeowners struggling with mortgage repayments but only if the banks pass on the rate cuts.” Mr Harnisch said, “There would be no justification for the banks to delay or withhold the reduction in the cash rate announced by the RBA today.” He said, “The immediate challenge ahead for the building sector is to restore confidence to drive a private sector recovery in both the housing and commercial building markets” “The private sector housing recovery has been very weak and the industry is banking its hope on today’s rate cut helping boost confidence to flagging demand and stabilise an uncertain market.” Mr Harnisch said, “The Reserve Bank needs to cut rates further to assist in driving a sustainable recovery in the building industry.” Link: http:--www.masterbuilders.com.au-NewsArticles-rate-cut-cautionary-welcome<-a>
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