I'm sorry Mr Verrender, I respect your experience , but 4.35% is not a high rate and to cut it now would be a disaster
"RBA holds interest rates but Australia on cusp of ‘genuine recession’ after ‘rotten’ update Borrowers fearing speculation of an interest rate hike will be glad there’s a hold, but Australia’s per-capita recession may already be on the brink of a crisis. The Reserve Bank of Australia (RBA) has kept the cash rate on hold at a 12-year high of 4.35 per cent. This comes amid calls that the nation needs an interest rate cut, or risks falling into a recession.The central bank’s decision to keep the cash rate steady on Tuesday was widely predicted by economists, despite hotter-than-expected inflation in the quarter to March. However, it was delivered hours after the Australian Bureau of Statistics revealed retail sales volumes fell 0.4 per cent in the March quarter - the fifth time in the last six quarters. Economist and Yahoo Finance contributor Stephen Koukoulas described these “miserable” numbers as proof Australians were pulling back their spending as he issued a warning that the economy desperately needs an interest rate cut or it risks falling from our current per-capita recession into a “genuine” one.“The economy is exceedingly weak. It's being crushed under the weight of oppressive monetary policy. Consumers are responding to the fact their cash flows are being hammered by high interest rates and cost of living pressures,” he said.
