Alto Capital investment manager and stock market commentator Tony Locantro speaks to Proactive Investors about the official rate cut this week, which marks a new record low of 1%, and what this means for property and stock markets.
Locantro says the Australian economy is well past the point of no return with recession imminent.
“1.5% was regarded as emergency cash rate, now we are at 1%,” he says.
“I think this is a huge admission that the Australian consumer is tapped out, property speculators are tapped out … it’s like a sandbag to a tsunami, there is nothing the Australian consumer can do.”
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