{"id":64480,"date":"2019-10-17T05:50:00","date_gmt":"2019-10-16T18:50:00","guid":{"rendered":"https:\/\/timesnewsgroup.com.au\/goldenplains\/?p=64480"},"modified":"2019-10-17T16:28:18","modified_gmt":"2019-10-17T05:28:18","slug":"rate-cut-must-be-passed-on","status":"publish","type":"post","link":"https:\/\/timesnewsgroup.com.au\/goldenplains\/real-estate\/rate-cut-must-be-passed-on\/","title":{"rendered":"Rate cut must be passed on"},"content":{"rendered":"<p style=\"text-align: center;\"><strong>Australia\u2019s peak residential building industry association, the HIA, is urging banks to insure the recent interest rate cut reaches customers.<\/strong><\/p>\n<p>WITH the RBA cutting its benchmark cash rate to a new record low of 0.75 per cent, the third cut in four months, HIA\u2019s Senior Economist, Geordan Murray said that lending institutions need to pass this on to both households and businesses if it is to have the intended impact.<\/p>\n<p>\u201cThe RBA cited a number of concerns about the economic outlook that justify its further easing,\u201d Mr Murray said.<\/p>\n<p>\u201cA key concern relates to underutilised labour force capacity and the impact of subdued demand from the household sector in the face of persistently low wage growth.<br \/>\n\u201cThe recent uptick in the market for established homes should allay concerns that further falls in home prices and the housing wealth effect could continue to apply a brake on household spending.<br \/>\nWhile successive rate cuts have improved the market for existing homes, those same conditions have not yet translated into improved demand for new homes.<br \/>\n\u201cIf passed on, the rate cut will be great news for homebuyers, particularly first home buyers pursuing their home ownership aspirations,\u201d Mr Murray said.<br \/>\n\u201cIf the rate cut is passed on to business customers it will go a long way to supporting those businesses in the residential building industry enduring challenging trading conditions.\u201d<\/p>\n<p>Mr Murry said that passing on the rate cut in full would not just improve residential building, non-residential building or engineering construction, it would create employment.<\/p>\n<p>\u201cAny increase in demand for construction will generate more jobs,\u201d he said.<\/p>\n<p>He also called for other measures to stimulate growth the in the building sector.<\/p>\n<p>\u201cThis recent interest rate cut must be complemented by further action from State and Federal governments to address the concerns about the broader economic outlook raised by the RBA,\u201d Mr Murray said. \u201cThe construction sector can play a bigger role in lifting the Australian economy.<br \/>\n\u201cThere is an opportunity for government to invest in infrastructure that enables the private sector to improve productivity and lifts the living standards of the community.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Australia\u2019s peak residential building industry association, the HIA, is urging banks to insure the recent interest rate cut reaches customers. WITH the RBA cutting its benchmark cash rate to a new record low of 0.75 per cent, the third cut in four months, HIA\u2019s Senior Economist, Geordan Murray said that lending institutions need to pass [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/timesnewsgroup.com.au\/goldenplains\/real-estate\/rate-cut-must-be-passed-on\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":141,"featured_media":64553,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[29],"tags":[],"post_folder":[],"class_list":["post-64480","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Rate cut must be passed on - Golden Plains Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/timesnewsgroup.com.au\/goldenplains\/real-estate\/rate-cut-must-be-passed-on\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rate cut must be passed on - Golden Plains Times\" \/>\n<meta property=\"og:description\" content=\"Australia\u2019s peak residential building industry association, the HIA, is urging banks to insure the recent interest rate cut reaches customers. 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