NZ cash rate increase expected to damage tourism
NZ Reserve Bank governor Alan Bollard has warned New Zealanders that their high spending habits were unsustainable and as a result The Reserve bank is expected to increase the official cash rate this week.
Intended to calm consumer spending, critics argue that the move will do more to hurt business than anything else and in particular, exporters and small businesses and that the Reserve Bank should be cutting interest rates not increasing them.
Higher NZ interest rate rises will support the already high Kiwi dollar and make NZ exports including the already stressed NZ tourism industry less competitive in the world.
Experts in NZ compare the NZ economy with Australia, which has experienced similar economic conditions, concerned with price stability and growth, but has moved interest rates only once in the last 18 months, whereas in the same period of time, New Zealand’s official cash rate had had increased seven times.
Graham Muldoon
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