Thursday, May 19, 2011

rate rise to hurt like hell

David Liddy, the soon to retire boss at Bank Of Queensland, has warned that another rate rise would "hurt like hell". 

Mr Liddy said yesterday that the Queensland economy was the weakest it had been for at least five years.

"Tourism is at crisis point and property's not far from that," he told The Australian

"I think the state's economy is running at about six different speeds, because the resources sector is doing well, the manufacturing industry supporting mining is doing OK, and so is the services sector.

"But, overall, another rate rise will hurt like hell."

The most recent BoQ result reflected that weaknesss in the Qld economy. Christopher Joye takes issue with those squealing for the RBA not to hike!

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