When was the last time you saw an Australian bank CEO warn against cutting interest rates? ANZ chief Mike Smith just did, from the AFR:
“I don’t have the information that the governor of the Reserve Bank has, but if I was them, I think I would wait and see how it plays out,” Mr Smith said.
…As house prices rise, Mr Smith said the RBA faced a delicate balancing act between controlling the property market and keeping rates low to take the heat out of the Australian dollar.
Macroprudential rules enable both. Get on with it.
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