Responding to news that the OCR has remained at 5.5%, Taxpayers’ Union Policy Adviser, James Ross, said:

“Kiwis struggling under the cost-of-living crisis will be hurting today after hearing that the Official Cash Rate (OCR) is still frozen at 5.5%. Worse still, with inflation still well outside the target range, pundits such as ANZ are seriously questioning whether interest rates may have to jump again later in the year.

“The IMF have been clear that this Government’s lack of fiscal responsibility is the cause of our economic woes and have repeatedly called on the Government to rein in their flagrant overspending. With the Government continuing to drive inflation through billions of wasted dollars on bloated bureaucracies and vanity projects, RBNZ are having to desperately play catch-up by tightening the economy with high interest rates.

“This combination of high interest rates and high inflation is making life impossible for far too many people up and down the country, but with both major parties just promising more of the same unfortunately life is only going to get harder. Whatever happens after this month’s election, any incoming government must commit to cutting back on wasteful overspending and finally start to show some economic credibility.”

© Scoop Media