Peter Switzer, the founder of Switzer Financial Services, a well-known financial person, said the expected rate cut would help the troubled economy. He said, but the rate cut will not bring about better changes. Only when the government changes its financial policy will the Australian economy return to the road.
The Governor of the Reserve Bank of Australia also released a signal this week, which may reduce the official interest rate to 0.75% in October to boost the Australian economy. Peter Costello, the longest-serving finance minister in Australian history, warned that the Australian economy is in an abnormal period and that further reductions in official interest rates will not help.
Peter Switzer said he also agrees that the Australian economy is currently in an abnormal period. If the government makes a difference, the government can take some measures to ensure people’s confidence. He suggested that the government adopt a two-pronged approach to allocate more funds to the states and the infrastructure of each territory. At the same time, the government should also consider whether it is necessary to substantially reduce the tax rate to bring Australia back to the rising track.
