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Westpac Calls For Interest Rate Cuts To Aid Manufacturing
Sep 26, 2011 - Eric Smyth
Results of a recent survey have revealed that the manufacturing sector is still deteriorating, and economists from one of the big four banks is urging the Reserve Bank to lower interest rates before the end of the year.
The Reserve Bank has indicated, however that it is in no hurry to change interest rates at the present time, yet alone lower them.
Mr Evans chief economist of Westpac suggested that the survey clearly showed that it was time for the Reserve Bank to lower rates.
In the September quarter the survey's composite index fell by 1.2 points to 47.7 points keeping it below the 50 point mark that separates expansion from contraction.
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