The Reserve Bank may have come under fire from some quarters for not cutting the official 3.5 per cent cash rate yesterday, but it could not dampen the enthusiasm of first-time Mount Gravatt entrepreneur Scott Lee.

Herald Sun:

Mr Lee, who opened Queensland’s first franchised Mad Mex outlet at Westfield Garden City five days ago, was confident in his decision to put hard-earned savings into a business loan rather than buy residential property.

“We’ve got a lot of elasticity because people love to treat themselves,” he said. “They eat out a little less when times are tough but we fit within that affordable bracket of good food. We’re cheap enough that people are willing to splurge once in a while. So I’m not too worried about it. Long term, we’ll do pretty well.”

Mr Lee, who created 28 jobs by opening Mad Mex Garden City, said the plan was to open three franchises within five years – funded through further savings and more loans. Full story.