Scoop has an Ethical Paywall
Stop putting up interest rates
Newmarket Business Association
Tuesday 14 August 2007
Stop putting up interest rates, shoppers spending less
Auckland's leading shopping district says the Reserve Bank needs to take heed of the latest Statistics New Zealand retail figures released today which show consumer spending is flat.
"We would hate to see Dr Bollard raise the Official Cash Rate on 13 September for the fifth consecutive time. These latest figures, along with all the anecdotal evidence, show that things are pretty flat across the country," says Cameron Brewer, general manager of the Newmarket Business Association.
"Hiking up interest rates to slow down out-of-control shopping sprees is no longer required. That may have been the case for the first quarter of this year, but the second and third quarters are proving to be quite different," said Mr Brewer.
ENDS
Asia Pacific AML: NZ’s Financial Crime Gap - Beyond The 'Number 8 Wire' Mentality
Westpac New Zealand: Kiwi Households Adapting Despite Widespread Cost Pressure Concerns, Westpac Survey Shows
University of Auckland: Kids’ Screen Use Linked To Long-Term Deficits In Self-Control And Attention
University of Auckland: Research To Address Equity In STEM For Māori, Pacific And Female Students
Stats NZ: Economic Impacts On New Zealand From Conflict In The Middle East – Report
Advertising Standards Authority: ASA Annual Report 2025 - Platform-Neutral Regulation Keeps Pace With Digital Advertising
