INDEPENDENT NEWS

Interest Rate Cut will Provide Welcome Boost

Published: Thu 11 Sep 2008 11:37 AM
Interest Rate Cut will Provide Welcome Boost for Businesses
The Wellington Regional Chamber of Commerce welcomes today’s 0.5% cut in the Official Cash Rate and urges the banks to follow suit with interest rates reductions.
“High interest rates are amongst our members’ most commonly cited concerns and today’s move will provide a much needed boost to business confidence,” said Chamber CEO Charles Finny.
“High interest rates have had a triple whammy affect on businesses and the economy through high debt servicing costs, reduced consumer demand and also the effect on the currency.
“We agree with Reserve Bank Governor Alan Bollard’s assessment of the domestic and global economy and that a less restrictive monetary policy stance is appropriate.
“We believe falling oil prices and the slowing economy will offset the inflationary impact of a lower New Zealand dollar and today’s greater than expected cut was justified.
“We are pleased with the financial markets initial reaction to the statement and the fall in wholesale interest rates.
It is now up to the banking sector to pass on these reductions to both businesses and households quickly,” Mr Finny concluded.
ENDS

Next in New Zealand politics

On Where The Politically-donated Bucks Should Be Stopping
By: Gordon Campbell
Govt Acts On Fuel Market Competition
By: New Zealand Government
18,400 Children Lifted Out Of Poverty
By: New Zealand Government
On Our Unreal Optimism About The Economic Impact Of Coronavirus
By: Gordon Campbell
Statement From National Party
By: New Zealand National Party
SFO Confirms Receipt Of Police File On Christchurch Mayor
By: Serious Fraud Office
Statement Of Jami-lee Ross - "Spoke Up Now Set Up"
By: Jami-Lee Ross
Foreign donation loophole still wide open
By: Jami-Lee Ross
No Place For Dirty Politics In Fisheries
By: Our Seas Our Future
Transparency International warns need for political funding reform is urgent
By: RNZ
Man Charged Over National Party Donations Planned To Go To Party's Candidate College
By: RNZ
Jacinda Ardern Tries To Soothe Virus Rift With China
By: RNZ
Coronavirus: Expert Warns More Flights Could Be Cancelled
By: RNZ
National Party Donations Case: 'I Am Now Being Painted As The Scapegoat' - Jami-Lee Ross
By: RNZ
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media