Rate cut shows Govt needs to step up
The OCR cut today shows National needs to step up and support the Reserve Bank to ensure the country is able to handle ‘the increasing risks to the economy’, says Labour’s Finance spokesperson Grant Robertson.
“The cut to the OCR shows the economy is in need of stimulus, with growing concerns about dairy, the international economy, and the housing market. Current growth is being driven by short-term, non-sustainable factors like migration. As the Reserve Bank said, ‘Growth per person hasn’t been as strong as it might have been’. In fact it has been close to zero over the last year.