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Interest Rate Cut A Bid To Revive Growth
11 September 2008
Interest Rate Cut A Bid To Revive
Growth
Today’s 0.5% cut in the Official Cash Rate confirms the Auckland Chamber of Commerce’s assessment for some time of a domestic and global economy continuing to slow down and weaken.
“The half percent cut in the OCR – double what the market was expecting – is a welcome fast tracking of an easing previously signalled,” said CEO Michael Barnett.
The Chamber agreed with Reserve Bank Governor Alan Bollard’s decision to try and accelerate a growth revival and let inflation take care of itself.
Mr Barnett urged the banking sector to quickly pass on the reduced OCR from 8% to 7.5% with lower interest rates to customers.
ENDS
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