Interest Rate Rise ‘Cannot be Justified’: Deloitte

The Reserve Bank of Australia is due to hold a monetary policy meeting on August 6.

People shop for fresh produce at the Queen Victoria Market in Melbourne on July 4, 2023, after the Reserve Bank of Australia (RBA) surprised analysts by leaving interest rates on hold at 4.1 per cent in July. William West/AFP via Getty Images

Senior economists have raised alarm bells about any further interest rate rises, warning it could crush business and household confidence.

Deloitte Access Economics Partner Stephen Smith said any further increase in interest rates “cannot be justified” and would “pull the rug out from under a cautious economic recovery.”