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Disappointing But Predictable...
Interest Rate Decision – Disappointing But Predictable…
“Lifting the cash rate once again threatens prospects of badly needed growth getting traction….”
Michael Barnett, Chief Executive of the Auckland Chamber of Commerce was responding to today’s Reserve Bank announcement to lift the cash rate by .25% and effectively force up interest rates.
A recent Chamber survey revealed a strong perception that along with a lift in business confidence and trading conditions, the Reserve Bank would move to lift interest rates.
"It is as if the market has a built-in expectation that when growth signs appear, the Reserve Bank can be expected to step in and snuff the optimism by lifting interest rates."
“We are a long way from achieving the kind of sustained growth that commentators say is needed to lift living standards closer to key trading partners and countries offering higher pay for key skills,” said Mr Barnett.
Ends
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