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The official cash rate has been cut by 50 points, providing homeowners with some relief, and retailers with some hope.
New Zealand’s Finance Minister says the country has ’turned the corner on interest rates’ as inflation reaches 2.2 percent, but the economy still has issues.
Finance Minister Nicola Willis has told the Bank to use its regulatory powers to encourage more banking competition, or the government will act.
The Reserve Bank of New Zealand has made a surprise decision to reduce the official cash rate, and banks are dropping loan rates.
Finance Minister Nicola Willis has delivered a $14.7 billion tax cut package, but economic forecasts are bad and further cuts to services are planned.
The reduction in expenditure isn’t enough to balance a sharp fall in the tax take from an economy officially in recession.
The ACT Party welcomed the move saying it needed officials ready to carry out the government’s agenda.
