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Correct move to keep hands off OCR

Media statement Wednesday, March 5, 2014

Correct move to keep hands off OCR

Today's announcement that the Reserve Bank of Australia has decided not to raise the Official Cash Rate (OCR) is welcomed as the correct decision, says the Employers and Manufacturers Association Northern (EMA).

"Let's hope the New Zealand Reserve Bank follows suit next week," says EMA's chief executive Kim Campbell.

"New Zealand should not be the first nation in the OECD to start moving interest rates, as it would have damaging impacts on the exchange rate and exporters, and on our fragile recovery.

"Despite the trading banks' best efforts to talk interest rates up, the fundamentals for New Zealand do not require it. The world's banking system is awash with money; inflation will remain within the Reserve Bank guidelines for the foreseeable future; and rising house prices are moderating.

"New Zealanders should not be tricked into returning to last century's high interest, high inflation economy," Mr Campbell says.

ENDS

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