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This month’s cash rate cut will provide relief for business owners, especially small business owners who have endured years of high costs, according to the Australian Chamber of Commerce and Industry (ACCI).
ACCI chief executive officer Andrew McKellar said the Reserve Bank of Australia’s (RBA) decision to reduce the rate by 0.25 percentage points to 4.1% would hopefully give consumers and businesses the boost they needed.
“We are looking at this decision as a valuable circuit breaker to boost consumer confidence and business sentiment. As the RBA has noted, inflation has come down substantially since its peak in 2022 and this decision is an indication the RBA expects inflation to remain sustainably within the target range to enable future rate cuts.”
He also welcomed news that the major banks would pass on the full rate cut to their borrowers.
“This will be a big help for households, and we expect the same applies to small business borrowers, with the cuts to be passed on immediately.”
#accountant #cashrate #Australianbusinesses
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