Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Interest Rate Cut will Provide Welcome Boost


Interest Rate Cut will Provide Welcome Boost for Businesses

The Wellington Regional Chamber of Commerce welcomes today’s 0.5% cut in the Official Cash Rate and urges the banks to follow suit with interest rates reductions.

“High interest rates are amongst our members’ most commonly cited concerns and today’s move will provide a much needed boost to business confidence,” said Chamber CEO Charles Finny.

“High interest rates have had a triple whammy affect on businesses and the economy through high debt servicing costs, reduced consumer demand and also the effect on the currency.

“We agree with Reserve Bank Governor Alan Bollard’s assessment of the domestic and global economy and that a less restrictive monetary policy stance is appropriate.

“We believe falling oil prices and the slowing economy will offset the inflationary impact of a lower New Zealand dollar and today’s greater than expected cut was justified.

“We are pleased with the financial markets initial reaction to the statement and the fall in wholesale interest rates.

It is now up to the banking sector to pass on these reductions to both businesses and households quickly,” Mr Finny concluded.

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

RNZ Live Updates: SkyCity Fire Fighting Continues

Auckland Mayor Phil Goff says buildings and roads will still be closed today because of the NZ International Convention Centre fire but things will start to get back to normal.

The fire at the centre across from SkyCity in Auckland has been burning since about 1pm on Tuesday and firefighters are allowing the roof to be destroyed by flames so they can get better access to the building to fight the fire. Flames are still visible this morning and smoke is billowing out. More>>

 

Gordon Campbell: On Simon Bridges And Political Correctness

Having failed all year at being a credible alternative Prime Minister, National leader Simon Bridges has lowered his aspirational target this week to something more within his range. More>>

Bullying: Police Commissioner Announces Review

Police Commissioner Mike Bush has today announced an independent review of the systems and processes NZ Police has in place to address complaints of bullying. More>>

ALSO:

PM's Post-Cab: Now We Are Two

Questions covered Deputy Prime Minister Winston Peters' comments on the potential closure of Mediaworks' television channels, the Auckland light rail planning process, the select committee report on the Zero Carbon Bill and its methane target range... More>>

Court Issues New Guildines: Revamp Of Meth Sentencing Welcomed

The court accepted submissions by both the New Zealand Bar Association and the New Zealand Law Society that rather than solely focusing on the quantity of meth involved, there should be greater focus on the role of the offender. More>>

ALSO:

'Armed Response Teams': Armed Police "Will Cause American-Style Shootings"

The Police Commissioner's announcement that squadcars of officers with automatic rifles will patrol New Zealand's streets is dangerous and unnecessary, according to the criminal justice community organisation People Against Prisons Aotearoa. The ... More>>

ALSO:

Control Orders: Amnesty Says Don't Rush Terrorism Bill

"The problem is, we often see the word “terrorism” being applied broadly by oppressive regimes to detain innocent people who're simply rallying for a better life." More>>

ALSO:

Expert Reaction: $17 million To Fight Online Extremist Content

The Department of Internal Affairs will double its work investigating and preventing violent extremism online. Funding will also help bolster the Chief Censor's work to make fast decisions about harmful content. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels