Western Australia’s Chamber of Commerce and Industry (CCI) has welcomed the Reserve Bank’s recent decision to cut interest rates by a further three quarters of a per cent to 5.25%, CCI chief economist John Nicolaou said.
According to Nicolaou, the rate cut will help local and national economic communities at a time when consumer and investor confidence is down due to the global downturn.
“CCI hopes the Reserve Bank’s decision to substantially lower interest rates for the second time in as many months will stimulate the local economy and boost business and consumer confidence,” Nicolaou said.
“The rate cut sends a clear message locally and internationally that action is being taken to minimise any potential financial downturn on the Australian economy.”
Federal Small Business Minister Craig Emerson will this week attend a business briefing in Perth to discuss the financial downturn and the impact it may have on local commerce, and what action the Federal Government is taking to ease any problems.
Despite problems faced due to the financial slump, Western Australia will still be well placed to continue growth, Nilolaou said.
“CCI remains positive about the prospects for the WA economy,” he said.
“Of all the industrialised economies, Australia is probably the best placed, and of all the States in Australia, right now WA is the place to be.”
Chamber of Commerce and Industry of Western Australia
08 9365 7555