Salvos pleased about rate decision
BUNDABERG Salvation Army chaplain Don Cook said the region’s battlers would welcome the Reserve Bank of Australia’s decision yesterday to leave the cash rate unchanged.
Mr Cook said many Bundaberg residents had been struggling to make ends meet and a rate rise would have “knocked people about”.
“I think it’s really great that there were no changes,” he said.
“It might increase later but, hopefully, it will stay this way for now.”
Mr Cook said this time of year was often a difficult period for families.
“People will be getting their credit card bills now for all that Christmas spending and it can make life pretty difficult,” he said. “Lots of people need to be referred to get counselling on how to budget.”
The central bank left the cash rate at 3.75%. Australian Chamber of Commerce and Industry chief executive Peter Anderson said the relief was likely to be temporary.
“There are also clear warnings in what the Reserve Bank says that it may look to future increases in interest rates,” he said.