Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

NZ Reserve Bank cuts rates

Staff Reporter 1 minute read

New Zealand borrowers were rewarded a 0.25 per cent cut to the official cash rate yesterday – the first reduction in five years.

While the Reserve Bank of New Zealand (RBNZ) expected inflation to hit five per cent in the September quarter it noted that economic activity had slowed significantly and was likely to continue to do so.

“Economic activity is likely to remain weak over the remainder of 2008. The ongoing correction in the housing market, together with the very high oil prices, will limit household spending and constrain the extent of recovery,” Alan Bollard, RBNZ governor, said.

Provided that the outlook for inflation continued to improve and there was no excessive exchange rate depreciation, Mr Bollard said the bank would expect to lower the official cash rate further in time.

Published: 24-07-08

NZ Reserve Bank cuts rates
default
TheAdviser logo

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!

default

 

more from the adviser
ASIC TA ASIC levy reflects ramped up enforcement: FBAA

ASIC’s raised industry funding levies reflect higher enforcemen...

money piggy 2ad3 Lockdowns threaten business loan demand: Equifax

Construction and retail trade have fuelled business loan growth i...

mortgage money house 48% of home loan applicants frustrated by paperwork

The majority of Australian borrowers think applying for a home lo...