HIA calls for rate reduction after weak economic figures

THE Housing Industry Association (HIA) has reiterated its call for the Reserve Bank of Australia to cut interest rates when it meets on Tuesday.

The appeal comes following another raft of weak economic updates over the past week.

Speaking yesterday, the HIA's Senior Economist, Shane Garrett said: "Further signs of weakness in the economy reinforce our earlier call for the RBA to act at its earliest opportunity to reduce interest rates further. Last week we found that home building approvals fell for a second successive month in June."

The HIA Trades Report highlighted ongoing soft labour market conditions in the residential construction industry.

"We need to use all the tools at our disposal to generate upward momentum in the economy. With inflation off the radar, the RBA has the breathing space to reduce interest rates. It should act on this opportunity on Tuesday," concluded Shane Garrett.



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