Responding to the 50-basis-point hike in the Official Cash Rate, New Zealand Taxpayers’ Union spokesman Louis Houlbrooke says:

"This move is a delayed effect of the Government’s big-spending, money-printing response to COVID-19."

"The real concern is that we haven’t seen anything yet – more rate hikes could be coming down the line. Grant Robertson needs to scour his COVID response funds for allocated spending that can be clawed back. The $1.2 billion “Jobs for Nature” fund and the half-a-billion dollars for arts projects spring to mind."

"Spending restraint would limit the need for future rate hikes and create capacity for tax relief for those households struggling to deal with rising mortgage and living costs."

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