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Builders weary of continuous interest rate rises

16/3/2005

Registered Master Builders weary of continuous interest rate rises

The Registered Master Builders Federation (RMBF) is concerned about the frequency of interest rate rises in the wake of the Reserve Bank’s recent decision to increase its official cash rate by a quarter percent to 6.75%.

The CEO of Registered Master Builders Chris Preston says the construction industry is feeling the impact of the recent hikes.

“Last year the Reserve Bank raised interest rates six times and this latest increase is putting even further pressure on the building sector. There seems to be little justification for the most recent rise or awareness from key decision makers of the impact continuous rates rises are having on the industry.

“Frequent interest rate rises, a tripling of the Building Levy and a decline in building consents do not paint a rosy outlook for the construction sector. If building consent figures continue the trend downward we could see a slump in the housing market which would have a major impact on New Zealand’s economy.”

The Registered Master Builders Federation comprises of 2,400 member companies and associates representing more than 12,000 professionals in the building and construction sector.

ENDS

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