The Reserve Bank yesterday cut the interest rates by another 25 basis points to 3.25% amidst concern about Chinese and European economic performance. The Australian Chamber of Commerce and Industry had called for a 50 point cut before Christmas, which could still happen. This was in response to their long-running survey which revealed investor confidence was significantly low.
St George Chief Economist Hans Kunnen spoke to Breakfast Presenter Angus Randall about the ACCI concerns and discussed Australia’s economic performance in the first quarter of the 2012/13 financial year. Also up for discussion was the climate tax which has just completed its first quarter of operation.
Producer: Bill Walter