Housing crisis still worrying Reserve Bank

National’s housing policy half-measures aren’t enough to stop the Reserve Bank keeping interest rates on hold, which in turn is holding back small businesses, the Green Party said.

“If it wasn’t for the Auckland housing crisis, I’d expect the Reserve Bank to cut the Official Cash Rate to help businesses invest and hire more staff,” Green Party finance spokesperson Julie Anne Genter said.

“With very low inflation, Fonterra cutting its forecast dairy pay-out, and international ratings agencies saying New Zealand’s economic activity will slow down this year, lower interest rates could provide the boost businesses need to create new jobs.

“The Reserve Bank is clearly worried that the Auckland housing market is still a financial stability risk and that this might be spilling over into other regions now too.

“National hasn’t done enough to take the heat out of the Auckland housing market and John Key’s big speech yesterday showed that National has no new ideas for how to fix the housing crisis.

“We need Government-backed affordable housing developments, quality intensification along key transport routes, and a capital gains tax (excluding the family home),” said Ms Genter.

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