Business

Lew attacks RBA over mining boom

RETAIL mogul Solomon Lew has blasted the Reserve Bank for its mishandling of the mining boom saying its board lacked an understanding of the broader Australian economy and needed to immediately slash interest rates by as much as 75 basis points to revive spluttering economic growth across the eastern seaboard.

>> Read more business & technology news

In a broadside on the RBA's recent performance, the former RBA board member questioned if the organisation fully understood what was going on in the economy and especially the dire state of retailing.

''I really believe the RBA has mishandled the mining boom to the great detriment of the non-mining sector, in particular retail,'' Mr Lew said, in comments made during the presentation of the latest financial results for his retail group Premier Investments.

''With great respect, the RBA needs to drop interest rates immediately and I'm not talking about 25 basis points they need to help stimulate confidence at a time when all of Australia should be booming,'' he said.

Read more at Brisbanetimes.com.au

Topics:  cash rate, inflation, interest rates, mining boom, rba



Record spend to stop high-risk crims re-offending

Millions of dollars in funding to stop high-risk crims

BREAKING: Trio set to be charged tonight over horrific Sabrina Bremer death

Sabrina Bremer was found deceased at Dulguigan.

Trio set to be charged tonight over horrific Sabrina Bremer death

Three people to be charged over murder of Sabrina Bremer

Flowers have been left at the tragic site of Sabrina Bremer's suspected homicide.

Two men and a woman have been arrested

Latest deals and offers

Love is in the air on The Bachelor, but not for Kiki

The Bachelor Australia contestant Kirralee 'Kiki' Morris.

BACHELORETTE bows out gracefully as show enters its final weeks.

A $65,000 bathroom? The Block's incredible budget blow-outs

The Block contestants Julia and Sasha spent a whopping $65,000 on their first renovated room.

TEAMS deliver most expensive en-suites in reno show's history.

Gympie Muster couch dumps down, but still a problem

TIPPING POINT: After an appalling year of couches being dumped at the end of the last Muster, festival organisers have taken litterbugs to task

EFFORTS to combat post-Muster couch dumping are proving effective

Cryptic crosswords: Top clues to solving them

Your guide to solving the cryptic crosswords in your local paper

MOVIE REVIEW: Ben-Hur isn't likely to become a new classic

Toby Kebbell plays Messala Severus and Jack Huston plays Judah Ben-Hur in a scene from Ben-Hur.

ANYTHING less than grand in a remake of Ben-Hur won't do.

How high? Twin 20-storey high-rises plan for "over 50s"

xxxxxxxxx

Developer says Bay needs to move with the times.

Australia's most expensive balcony and it hasn't been built

Viridian Noosa.

How Noosa millionares' squabble could affect body corporates

Receivers move in on Springfield's 'Tower of Power'

The 10-storey tower at Springfield is up for sale with interest high in the iconic structure.

Interest high in iconic 10-storey office building

REVEALED: Pat Rafter's $18m Coast house on the market

Check out the photos of the Coast's most expensive property for sale

The "correction we had to have" in Gladstone's rentals

UPWARD MARCH: The rental vacancy rate in Gladstone has improved for the first time in more than a year, providing a confidence boost in the market.

Vacancy rates improve with signs that things are getting betterF

ISLAND FOR SALE: Cheap Fraser Coast island drops price again

Suna Island in the Great Sandy Strait will be auctioned by Ray White Hervey Bay on Saturday morning.

This is the cheapest island you will find for sale in Australia