Government failures make interest rate pain worse

Today’s decision by the RBNZ to increase the official exchange rate from 0.25% to 0.5% shows that the bank was forced to make a risky decision despite the lockdown of two major New Zealand cities, National shadow treasurer Andrew Bayly said.

“The government’s failure to deploy the vaccine and prepare our Covid defenses has forced the Reserve Bank to make this decision amid the lockdown, which is incredibly risky for the economy.

“Obviously, the Reserve Bank found that the cost of living was rising too quickly and its hand was forced. This has been exacerbated by huge amounts of unnecessary and untargeted spending by the government on issues totally unrelated to Covid’s response.

“Due to the government’s lack of fiscal discipline and its inability to prepare for another Covid outbreak, mortgage lenders and businesses are now facing rising interest charges at a time when they can least afford it. allow it.

“The government should now take inspiration from the Reserve Bank and curb unnecessary spending and focus relentlessly on its Covid response, and ensure businesses survive the current extended lockdown. “

© Scoop Media

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