New NAB CEO talks wall-to-wall nonsense

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Via the AFR comes National Australia Bank chief executive Philip Chronican:

…who has dismissed calls for an interest rate cut when the Reserve Bank of Australia meets next Tuesday, saying it was unnecessary and would do little to stimulate the economy.

…”Whether or not there is an interest rate cut I don’t think it will have much effect and I don’t think that the last two had much effect either,” Mr Chronican said.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.