Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

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

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Elsewhere:


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>