, the highest rate since 2012.
The Executive Chairman of Yellow Brick Road Home Loans described the board’s decision as “wrong” and said the timing was off.“For me I’m calling it a wrong move, I’m calling it for what it is. It’s wrong,” he told Sky News Australia.Mr Bouris said Governor Lowe went against many economists who predicted the rate would remain on hold, showing his resolve to bring down inflation to its target.
“Therefore, he has shown that he is prepared, and willing, and able to do whatever he wants, outside of what everyone is expecting.” “I think whatever happens, whether today or next month, you are going to get at least one more rate rise and possibly two," he said on Monday.“I think it might be useful for the Reserve Bank to take some time and just assess so that you don't essentially kill the economy trying to chase inflation."“We have got to give people a bit of an idea,” he said.