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Rate cut more than political as peak bodies react

THE Federal Government and Opposition are not the only ones grappling with whether the Reserve Bank's latest interest rate cut is good or bad news.

Peak bodies for rural producers, property owners and business each reacted differently to Australia having its lowest rates in more than half a century.

Australian farmers back the cut, with the National Farmers' Federation urging all banks to pass on the benefits in full.

NFF president Duncan Fraser said it was great news for farmers, agribusiness and any other borrowers.

Queensland's property sector was equally upbeat about the tumbling interest rates, saying it would help inspire growth in the sector.

The Real Estate Institute of Queensland chief executive Anton Kardash said it would only add to the optimism.

"Today's rate cut adds to a growing number of indicators that show our property market is well and truly heading into positive territory," he said.

Queensland's key business lobby group remains cautious about the cuts, warning they may not be having much of an impact.

Chamber of Commerce Industry Queensland general manager Nick Behrens said home and business owners would be happy with the news, but said consumer spending remained stagnant. .

"This does little to improve confidence among business owners or consumers, which is currently the biggest issue facing businesses in what is a difficult trading environment," Mr Behrens said.

Topics:  cash rate federal election 2013 interest rates national farmers federation rba


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