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October 11 Edition Of The BNZ Weekly Overview
October 11 Edition Of The BNZ Weekly Overview
Bank of New
Zealand
Weekly Overview
This week we have had confirmation of great weakness in the housing market with sales in September down by 32% from a year earlier. But we have also seen confirmation of resource shortages and inflationary pressures in the NZIER’s Quarterly Survey of Business Opinion so scope for lower interest rates in the coming year is very minimal. However don't worry, the Minister of Finance is sitting on a huge fiscal surplus and he must surely this time after eight years in power be thinking about giving tax cuts. Right?
The Kiwi dollar has ended slightly stronger than a week ago while wholesale fixed borrowing costs have crept higher, calling into question the sustainability of some recent cuts in fixed housing rates.
See…
http://img.scoop.co.nz/media/pdfs/0710/071007.pdf
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