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Bollard should tighten screws on Govt not business

Bollard should be tightening screws on Govt not business

Reserve Bank Governor Alan Bollard should focus his unsustainable spending warning on the Government not the consumer and at the cost of the average business, Cameron Brewer, head of the Newmarket Business Association said tonight.

“Tomorrow’s imminent rise in the Official Cash Rate is all about slowing spending and keeping inflation within the Reserve Bank’s 3 percent benchmark. Anecdotal evidence in New Zealand’s leading retail district, Newmarket, however is that we’ve had the quietest spring for the last three or four years. People’s excessive spending habits have come back. Further, the ANZ National Bank survey shows business confidence is at rock–bottom.”

“Mr Bollard should first be trying to curb government spending that along with petrol prices has driven inflation to 3.4 percent. Instead, there will be a rise in the ORC for the eighth time in as many quarters. This will immediately hit many businesses in the productive sector reliant on floating loans, with interest soon to near 10 percent.

“The Governor should to do all he can to reign in extra government spending like that tagged for student loans and superannuation. Most home owners tomorrow will escape any immediate impact because 80 percent are on fixed mortgages. It’s plain wrong that its small to medium sized businesses that will have to bite the bullet. The Clark/Peters Government should be the one facing the music,” said Mr Brewer.

Ends

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