Westpac calls for interest rate cut to aid manufacturing
Economists at one of Australia’s biggest banks are urging the central bank to cut interest rates before the end of the year after a new survey showed the manufacturing sector continues to deteriorate. But two speeches from the Reserve Bank of Australia’s top brass in recent days suggest it is in no haste to move rates, let alone cut them. The Westpac-Australian Chamber of Commerce and Industry quarterly survey of industrial trends recorded a second consecutive quarterly contraction in manufacturing conditions. Westpac chief economist Bill Evans said the survey sent a very clear message on interest rates.


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