The stance the committee has taken probably provides a useful reminder that the easier interest-rate cycle has bottomed.
More Quotes from Colen Garrow:
It's a modest number but it could be better were it not for the rand. The sector is growing on strength of local demand and it does look as though global manufacturing is pulling itself out of a slump - but we are not out of the doldrums yet.Colen Garrow
The monetary policy committee cautioned last month that it may not allow growth in credit to go unchecked, inferring that it may be concerned that consumption expenditure could introduce an element of inflation sufficient to attract a monetary tightening response.
Colen Garrow
This has, however, since been replaced by a cycle of higher trending growth, underpinned by record confidence the lowest consumer interest rates since 1983 almost R89bn in personal income tax cuts since 1995 and generally sound macroeconomic, monetary and fiscal stability.
Colen Garrow
While it remains manageable, it can be argued that it is the rate at which debt levels are growing that may cause no further stimulus from the central bank.
Colen Garrow
It would appear that with revenue collection exceeding budget this fiscal year, additional tax relief may be forthcoming when Finance Minister Trevor Manuel unveils the national Budget for 20062007 on 15th February. Welfare and dependency grants, personal income tax relief, and cuts in those costs which would make housing more affordable for middle and low income earners are likely to buoy consumption expenditure, and manufacturing.
Colen Garrow
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