Despite the RBA increasing rates more than expected, Mr Harvey says people are still spending.
t, the largest increase in 22 years. RBA governor Philip Lowe is tipped to lift the cash rate to 1.35 per cent in July.Commonwealth Bank, ANZ, NAB and Macquarie followed Westpac in announcing they would pass on the full 50 basis point rate increase to customers, which would result in some loan repayments going up by hundreds of dollars a month, further squeezing budgets.
“We are well-placed to navigate this potential tougher retail cycle that we may see in the coming months or into the next half.” The Australian Retailers Association boss Paul Zahra was more pessimistic calling the rate increase a “blow for business”, which is already grappling with supply chain woes, staff shortages and rising costs of materials and fuel.
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