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Interest rate cut tomorrow would lift nations mood

Newmarket Business Association

Media Release

10 September 2008

Interest rate cut tomorrow would lift national mood

Auckland's leading retail district believes if Reserve Bank governor Alan Bollard announces another official cash rate cut tomorrow morning it would give much needed boost to the mood of the country after a long, cold and wet winter.

"There is just so much uncertainity and apprehension out there at the moment. We're only two months from a likely watershed general election but no one knows exactly when it's happening. What's more businesses' margins are so squeezed and overall consumer confidence is low. A cut in interest rates would be viewed very positively by the likes of New Zealand's retailers," says Cameron Brewer, head of the Newmarket Business Association.

"What we're finding is the retailers accross the country who's target market is middle-of-the-road New Zealanders are hurting. Middle income Kiwis have really been hit in the pocket over the past year with soaring costs. Any relief to their disposible income, via a cut to interest rates, would be a boost to their spending power and confidence."

"While there's a lot of talk that some statistics are pointing to a lift in the country's economic performance, the reality is the average Kiwi is hurting. A cut to the Official Cash Rate would provide instant relief where it matters. Coupled with tax cuts in October, middle-income earners will be feeling better about themselves and that's good for business," said Cameron Brewer.

ENDS

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