Reserve Bank keeps OCR at 5.5%: ‘A shot across the bows’
The Reserve Bank has kept the official cash rate (OCR) at 5.5%, and pushed back strongly against a growing market perception that cuts could be to come before long.
It said, while higher interest rates were restricting spending and inflation was dropping, it was still too high, and the OCR will likely have to stay at current levels for some time.
If further inflationary pressure was seen, the bank said, the OCR could have to increase again.
Governor Adrian Orr faces a terrible dilemma, continue to punish mortgage holders or allow inflation to keep robbing everyone.
He has clearly popped any bubble by the market that the OCR would be coming down and in fact points to another possible hike and no cut until 2025!
The economy is in far worse shape than is being recognised and the new Government’s love affair with taking from the poor to give to Landlords will cause even larger costs…
Landlord tax breaks will blow out by $1b – Council of Trade Unions
The Government’s move to accelerate tax cuts for landlordsmeans a blowout of about a billion more dollars over four years, according to the Council of Trade Unions.
It could also mean landlords collecting a cheque from the Government, with no benefit to renters.
…the pain Orr is promising will only get more intense as the new Government lurches from one PR disaster to another.
The lack of being able to make any economic headway will force the Government to do stupid symbolic policy to sate their angry right wing electorate.
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I think that what’s happening generally is that those who own us, you know the ones right? The 14 multi-billionaires, the 3118 multi-millionaires and the four now foreign owned banks don’t give a fuck about our pathetic economy, our neglected, shameful and embarrassing politics, or us. If you think that the 14 multi-billionaires, the 3118 multi-millionaires and the four now foreign owned banks care about you normal ol’ tv watching, Warehouse shopping, small economical car driving, bland, bleak, Kiwi-as mopes then you not only need to get out more but you really must take an LSD trip followed by a cocktail of proper Ecstasy, Methamphetamine and cocaine while standing in the middle of Hong Kong or Chicago because you’re about to get that wake-up call from those who own you so you’d best be in the right frame of mind which, trust me, isn’t the frame of mind you’re currently in.
Adrian Orr, the ins and outs of our politics, dairy versus tourism versus city versus country… The only people who couldn’t care less about that shit will be AO/NZs new owners. I swear to God, we’re heading to being all bought and paid for. This government of evil clowns is really there to broker sales of our AO/NZ to foreign high rollers who’ve discovered they can’t live on the moon, they can’t live in fucking bunkers but they could, with a little tweaking, live on the last paradise on Earth. All they have to do is tweak we 5.2 million people off it.
Compare to most of the rest of the world AO/NZ’s all but uninhabited and we have vast tracts of beautiful, fertile land and have you been down to South Western Southland recently? You seen those huge lakes full of fresh water? Go on to Google Earth and have a fucking look! I bet [they] fucking do!
We’ve been trained to spit bile at each other re race, sex, money etc, we’ve been beguiled by pap and fluff and giggly dopes on rnz and tvnz because we’re effectively being cautiously brainwashed, we’re being fed a false narrative. Until we become accustomed to telling our politicians what we expect of them then insisting we get it they’ll drag us into an ally where the 14 multi-billionaires, the 3118 multi-millionaires with $50 mil each and the four now foreign owned banks can murder us with a minimum, most cost effective means at their disposal. The Three Stooges aren’t for us, by us. They couldn’t give fuck about us. The question must be who then ARE they giving a fucks about, aside from themselves of course.
YAWNNNN!
CB, you failed at farming, not the banks fault, but by all means blame anyone/everyone I guess, politics of envy eh?
Hard to imagine policy more stupid than their 100 day plan. To summarize the main points already summarized by the Herald.
Repeal. Repeal. Repeal. Repeal. Ban. Repeal. Dis-establish. Repeal. Repeal. Ban.
Hard to imagine policy more stupid than their 100 day plan. To summarize the main points already summarized by the Herald.
Repeal. Repeal. Repeal. Repeal. Ban. Repeal. Dis-establish. Repeal. Repeal. Ban.
The stupid policies came to an end with the election of National.Finally we can expect to see the economy moving in the right direction.Business confidence is up a has not been this high for years.Those that want to work hard to reap rewards are once again not being treated as the enemy. It is a sad situation when success is held against you
Pull the other one Trevor. You could just as easily say the ones that really do the work will be treated like the enemy. Don’t tell me landlords to a man/woman work as hard as those your heroes treat like they are the enemy. Luxon makes some bullshit link between fair pay agreements and low productivity. He’s a knob
Orr will give Luxon one up the arse next year when he raises rates by 1 % in one hit and another 1% later to show him whos in charge of the fucking economy
He should lob another bazooka load into the mix! Ramp up the ocr to 6%!
Forever inflation is a thing. Global debt is the genesis of the declining world economies. The US, Europe and all of the Western Nations share of all world debt exceeds that of the southern nations debt, liabilities v assets.
The US has no way out of this one especially now that they’ve lost the last dozen wars that they’ve started in the last 20 years which has caused for them to accumulate more than $34t of debt to themselves and over sucker investor nations.
Lil ole Banana Republic NZ does not need to hitch our wagon to that lot.
Orr is just following what his paymaster (US Fed Chairmen Jerome Powell) has told him to do. You don’t seriously think that this country can make independent monetary policy?