Kiwis Paying for Government’s Housing Mess

Kiwi home loan borrowers and exporters are being sacrificed as the Reserve Bank desperately tries to deflate the country’s housing bubble, especially in Auckland, says New Zealand First.

“The complete failure of the National Government over almost six years has resulted in yet another interest rate hike as the Reserve Bank frantically tries to deal with the housing crisis that is of the government’s making,” says New Zealand First Leader Rt Hon Winston Peters.

“The economy is being damaged as a whole as the bank uses a blunderbuss approach that is a dinosaur and no longer fit for the purpose.

“National has been encouraging a massive influx of migrants and foreign property speculators. The predictable outcome was going to be a housing bubble and now they do not have the appropriate means to deal with it.

“Had the government listened to New Zealand First and supported our bills to overhaul the Reserve Bank Act, Kiwi borrowers, manufacturers and exporters would not now be hurting under ever higher interest rates and an export ruinous high dollar.

“We would give the Reserve Bank a mandate to pursue a balanced economic agenda to promote growth, employment and exports,” says Mr Peters.

ENDS

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