OCR cut good for families, bad for Auckland housing

With unemployment rising and the economy going off on the wrong track, cutting the Official Cash Rate (OCR) was the right decision to help small and medium-sized businesses invest to create jobs and bring mortgage payments down for families, the Green Party says today.

The Reserve Bank Governor today announced a 0.25% cut to the OCR bringing the new rate to 2.5%.

“The National Government’s management of the economy has them desperately pulling levers and pushing buttons but they’re failing New Zealanders. The decision by the Reserve Bank to cut the OCR was the right thing to do,” said Green Party Co-leader Metiria Turei.

“New Zealanders are doing it tough with unemployment rising and the economy slowing down. The OCR cut will help small businesses invest to create jobs and decrease payments for people with mortgages.

“However, a cut to the OCR will pour fuel on the fire in the Auckland property market. But the OCR should not be the tool used to control the housing market in Auckland.

“The National Government needs to step up and take real action to cool the housing market in Auckland, otherwise it will continue to be hard for first-home buyers to get their foot in the door.

“The Green Party wants the Government to use the tools we’ve been talking about for a long time, like a capital gains tax (excluding the family home), smart intensification along key public transport routes, and a massive state-led home-building programme, to control the Auckland housing market,” said Mrs Turei.

Action

Say NO to the Conservation Amendment Bill

Make a submission against the Conservation Amendment Bill today with our simple submission guide

Action

Oppose New Zealand First’s Member’s Bill!

Support Trans Rights | Oppose the Gender Definition Bill

Action

Reject the Defining Gender Bill

Reject the Legislation (Definitions of Woman and Man) Amendment Bill introduced by New Zealand First.

Action

Oppose the 2026 budget

Sign our petition to show you oppose the Government's 2026 budget

Action

Leave our homes alone!

The Green Party is calling on the Government to stop its attack on people living in public housing - join our call today!

Action

Keep Fees Free

Join our call to keep Fees Free for tertiary education!

Action

Protect Conservation Land

Sign out petition to oppose the Conservation Amendment Bill and protect conservation land!

Action

Electrify everything

Show your support for a National Electrification Plan!

Action

A home for everybody

A home for everybody - sign and share the open letter today!

Action

Local Events

Latest Finance Announcements

Story

Greens commit to tax the super-rich and large corporates fairly, cut income tax for 96%

The Green Party has announced their 2026 tax policy ‘a tax system for all of us’ today.

NZ Rich Listers own as much wealth as half the country

The richest 150 New Zealand individuals and family dynasties now own as much between them as half of the country, the Green Party says.

Budget 2026 hides a nearly $500 million KiwiSaver hole across the public service

The Green Party says Budget 2026 leaves a hole of nearly half a billion dollars, the cost of the higher employer KiwiSaver contribution for most of...

Chlöe Swarbrick Budget speech 2026

Mr Speaker, the Greens want every New Zealander to feel proud of our country. Not just for our history; for granting women the vote, standing agai...

Cost of living driven by fossil fuels and power price hikes

The Green Party says new Stats NZ data shows a 2.1% increase in household living costs is driven by out of control fossil fuel and power prices, an...

Soaring power prices show urgent need for electrification

The Green Party says today's inflation figures show power prices are once again a key driver of the cost-of-living crisis, and reinforce calls for ...