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Democrats Say NZ Economy 'Bollarded' Again

Democrats Say NZ Economy 'Bollarded' Again

The latest interest rate rise has been described as a 'barrier' which is how the dictionary defines a bollard.

The Democrats NZ Secretary, Trevor Crosbie, said in Hamilton today that it seems we are back in the 1990s era of brash action designed to smack over prosperity as soon as it rears its head.

"Increases in the local OCR will trigger increases in debt interest rates, which will flow through to the price NZ consumers pay for goods and services" said Mr. Crosbie "Of course there will be a short-term tendency for demand to be dampened in the economy, as people pay more for their mortgages etc, however, given the recent growing use of credit cards expect that sector to show a substantial increase in turnover (and profitability)"

"Once again the Reserve Bank reveals their focus is on containing any expectation of inflation rather than identifying the real driver behind the process of inflation" continued the Democrats Secretary "That driver (of inflation) and associated high tax levels, is the ongoing growth of compounding debt as the foundation of our economic and social infrastructure"

"The use of a non-inflationary debt free funding stream for establishing and rebuilding our national infrastructure, as proposed by the Democrats, would be a step toward eliminating the driver of inflation and also enable taxation to be substantially reduced" concluded Mr. Crosbie.

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