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Builders welcome cut in interest rates

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6 November 1996

3 rd F lo o r C o n s t r u c t i o n H o u s e 2 I 7 N o r t h b o u r n e Ave. T u r n e r , C a n b e r r a A C T 2601 Tel: (06) 249 1433 Fax: (06) 249 1373


Statement by Wilhelm Harnisch, National Director, Economics and Housing

The announcement by the Reserve Bank today to further reduce interest rates by 0.5 per cent is a welcome boost to confidence for the building industry, particularly housing which has been in the doldrums over the last 12 months.

The cut in interest rates should boost home buyers confidence and revive a flagging housing market. It will also assist existing home buyers by reducing their mortgage commitments. Equally importantly, the cut in interest rates will reduce the financing

costs of building which should translate into lower house prices and lower construction costs of commercial buildings, both of which will have beneficial effects to the Australian economy.

The lower cost of financing should also create a more positive environment for the building industry by improving its capacity to create much needed jobs for Australia.

For further information contact:

Wilhelm Harnisch

BH: (06) 249 1433 AH: (06) 288 9650

M aster Builders

Australia Incorporated

A.R.B.N. 008 383 453 Incorporated in

South Australia with

limited liability