Katrina Parrington

Mortgage & Finance Broker, Elders Home Loans – Northern Territory – P. 8932 8900

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  • Elders Home Loans

  • Katrina Parrington

    I am a long term Centralian resident with more than 18 years experience in the financial services industry. Initially, in Real Estate in Adelaide before pursuing a career with Elders Insurance Alice Springs and lending roles with major banking institutions where I gained extensive experience in Home Loans and Commercial Lending here in the Alice and in Darwin.

    I have a unique set of skills that ensures I understand your lending needs and can provide you with professional advice and personal service.

    Tel: 08 8953 8800
    email: katrina.parrington@eldershomeloans.com.au

Solomon Lew calls for rate cut

Posted by Katrina Parrington on March 23, 2012

FORMER Reserve Bank of Australia (RBA) board member Solomon Lew has called for a hefty official interest rate cut and accused the central bank of being out of touch.
Mr Lew says the RBA needs to provide further interest rate relief to stimulate confidence in the national economy.
“I really believe that the Reserve Bank has mishandled the mining boom to the great detriment of the non-mining sector, and in particular retail which is one of the key drivers of economic activity,” Mr Lew said today.
The chairman of Premier Investments was speaking to reporters during the retail group’s first half results presentation.
The cash rate has stood at 4.25 per cent since December 7, 2011, when the central bank board delivered a 25-basis-point cut.
Mr Lew, who was an RBA board member between August 1992 and August 1997, said the central bank should cut the cash rate by 50 or 75 basis points at its April meeting.
“We do need an interest rate cut immediately,” Mr Lew said.
“I think the Australian economy is in trouble.”
Mr Lew said he believed the current RBA board was not in touch with the market and did not understand the true state of the economy at the moment.
He said the central bank board had at least two retailers and one landlord during his time with the RBA.
“At least there was some anecdotal information and they could tell month-by-month what was happening in the marketplace,” Mr Lew said.
“I’m not sure whether they have that market knowledge today.”
Mr Lew said there was a huge danger of job losses, with no new jobs being created across Australia’s eastern seaboard.
“It is completely frozen,” Mr Lew said.
“The only jobs that are being created are over in the west, basically, and that’s in the mining sector.
“I don’t see any growth in any other sector at this point in time and I see rising costs.
“The unions have a responsibility to keep a lid on costs, otherwise they are going to lose a lot of jobs.”

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