“The Monetary Policy Committee has made a sensible decision to keep the OCR at one per cent”, according to ACT Leader David Seymour.

“After cuts to the OCR in May and Augus, and with historically low interest rates, a further reduction would have created fresh uncertainty about the direction of the New Zealand economy.

“The economy requires sound, stable monetary policy which isn’t helped by sharp changes in direction by the Reserve Bank. This is especially so given the uncertainty being created by the Labour Government as it lurches from one policy failure to the next.

“Monetary policy can only maintain price stability. Ultimately, it is sound fiscal policy from central government that will help boost productivity and living standards. That means low, flat taxes and less red tape which are reflective of the values of an ambitious country.”

ends

© Scoop Media

PM's Statement Prime Deadly Eruption Of Whakaari / White Island Eruption

At this stage, we can confirm that amongst those currently listed as missing or injured are New Zealanders who were part of the tour operation, and tourists from Australia, the United States, the United Kingdom, China and Malaysia. That is to the best of our knowledge.

To those who have lost or are missing family and friends, we share in your unfathomable grief at this moment in time, and in your sorrow. Your loved ones stood alongside kiwis who were hosting you here. We grieve with you, and we grieve with them... More>>

Police Update: Five Confirmed Dead - Eight People Unaccounted For
Work has continued overnight to respond to the eruption on White Island. Enquiries with tour operators indicate that 47 people were on White Island at the time of the eruption. Police can now advise that in addition to the five people confirmed deceased, eight people remain unaccounted for following the eruption. More>>