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Case For The Reserve Bank Reducing Interest Rates

There Is A Case For The Reserve Bank Reducing Interest Rates

Michael Barnett, Chief Executive of the Auckland Chamber of Commerce, was responding to suggestions that the Reserve Bank statement tomorrow on the official cash rate may resist making changes on the basis that it will fuel inflation from likely continued growth in Auckland’s property market prices.

“That is a totally false argument,” said Mr Barnett. “If the Reserve Bank has been listening to the market, it will know that the productive sector of the economy is in nosedive from the considerable international uncertainty and high dollar impacts on returns to exporters.”

Without doubt, lower interest rates will boost business confidence – both the productive sector and the property market. “On balance, lower interest rates will be good for the economy,” concluded Mr Barnett.

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