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Business disappointed by rate rise

Illawarra’s largest business organisation, Illawarra Business Chamber (IBC), has expressed its disappointment at the RBA’s decision to raise interest rates by 25 basis points today.

“We are disappointed that the RBA has chosen to lift interest rates today given there has been a significant moderation of economic growth and inflation,” said Greg Fisher, CEO of Illawarra Business Chamber.

Mr Fisher said “the most recent business conditions survey conducted by the IBC, showed that confidence has been softening, with expectations for future growth falling.”

“We don’t see the uptake in growth that the RBA believes is driving the need to increase interest rates.  There is sufficient doubt about in the Illawarra economy for the RBA to have held over this decision.”