RBA should pause raising interest rates before there is ‘too much damage to the economy’

Australian Chamber of Commerce and Industry CEO Andrew McKellar says the RBA ought to think about that retail gross sales numbers are “showing signs of softness” earlier than deciding what it’s going to do by way of its subsequent steps on rates of interest.

“I would urge them just to pause for a moment, and let’s not do too much damage to the economy,” he advised Sky News Australia.

“Let’s hope that inflation has peaked … but let’s hope that we can start to see that pulling back in the months ahead.

“In the meantime, let’s not take a risk, you know, damaging the economy.”