Locals are being urged to do what they can to support businesses across the Illawarra, with fears growing of another imminent interest rate hike.
The so-called ‘big four’ banks are all predicting the RBA will lift rates when it holds its first board meeting of the year next week, off the back off hotter-than-expected inflation figures.
Business Illawarra director Coralie McCarthy said it would be another blow for local businesses, which have just struggled through a sluggish festive season.
“Over Christmas, 40 cent of businesses said that there was more price negotiation, and thirty per cent said invoices were being paid significantly later,” Ms McCarthy told our newsroom.
“So it’s really important for our businesses that we really support them.”
But while dire warnings about interest rates persist, NSW Minister for Finance Courtney Houssos said Labor was delivering on its election commitment to ensure more first home buyers pay less stamp duty.
The Forster-born MLC said fresh data shows more than 82,000 first home buyers have already been helped by the scheme.
“This means more money to help families and first home buyers enter the housing market,” Ms Houssos said.
“Under our scheme, on average, 80 first home buyers each day are entering the market and making an average saving of about $20,000.”
More than 3,000 of those purchases have been located in the Illawarra, with the main suburbs to benefit including Wollongong, Albion Park, Dapto and Warilla.
