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OCR Cut, But New Zealand Far From Out Of The Woods
Responding to the Reserve Bank of New Zealand’s decision to cut the Official Cash Rate (OCR) by 25bp to 3.50%,Taxpayers’ Union Spokesman James Ross said:
“The economy is only just starting to crawl out of recession, and interest rate relief couldn’t come soon enough for families who’ve spent years being hammered by high mortgage costs.”
“Adrian Orr squeezed the life out of the New Zealand economy, and now US tariffs are doubling down on our already anaemic growth. We’re not out of the mire yet.”
“Going for growth now needs two things – slashing inflationary overspending by the Government to put punitive interest rates firmly in the rear-view mirror, and driving real productivity gains. Lower interest rates aren't a licence for the Government to ramp up spending further.”
“If Nicola Willis doesn’t put Full Capital Expensing at the heart of a cost-cutting, pro-growth Budget next month, New Zealand will stay stuck on the path of managed decline.
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