Decisive Interest Rate Cut Most Welcome

Wednesday, 19 September 2001, 11:16 am
Press Release: Employers And Manufacturers Association

The cut to interest rates to 5.25 per cent is most welcome, said Alasdair Thompson, chief executive of the Employers & Manufacturers Association this morning.

"The cut will both calm the trading outlook and build confidence in the Reserve Bank's willingness to act quickly when required," Mr Thompson said.

"Business compliments Dr Brash on this decisive and timely response.

"But we are certain Dr Brash should make a further cut on or before October 3rd especially since the Federal Reserve yesterday slashed interest rates in the US down to three per cent.

"Nevertheless we are gratified the Bank has demonstrated it is prepared to act outside the timing of its scheduled announcements.

"The action was critical to help settle the anxiety building amongst our exporters and other traders.

"The cut should also underpin consumer confidence considerably."

Ends

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