this post was submitted on 14 Aug 2024
1 points (100.0% liked)

Aotearoa / New Zealand

1648 readers
8 users here now

Kia ora and welcome to !newzealand, a place to share and discuss anything about Aotearoa in general

Rules:

FAQ ~ NZ Community List ~ Join Matrix chatroom

 

Banner image by Bernard Spragg

Got an idea for next month's banner?

founded 1 year ago
MODERATORS
[email protected]
[email protected]
1
'Home loan relief coming' after cash rate cut (www.rnz.co.nz)
submitted 2 months ago by [email protected] to c/[email protected]
7 comments fedilink hide all child comments
 

Home loan borrowers can expect rates to fall throughout the rest of this year and next, commentators say.

The Reserve Bank cut the official cash rate by 25bps to 5.25 percent on Wednesday.

While it was a move that was forecast by several economists, it was a u-turn from the bank's position in May. Infometrics chief executive Brad Olsen described it as a "WTH moment" and "the biggest flip-flop ever".

you are viewing a single comment's thread
view the rest of the comments
[–] [email protected] 0 points 2 months ago (1 children)

Yes, it coming sooner than expected was, as this article said, "WTH" and a sign of things to come not being all that great. Austerity is more or less proven to not work, it's frustrating to see it being wheeled out again especially in the form of public sector job losses.

[–] [email protected] 0 points 2 months ago (1 children)

Even worse is the timing of the benefit reforms. (paraphrasing) RBNZ saying "so many people are gonna be unemployed because the number of jobs will shrink" and the government saying "these people would have jobs if they tried harder".

[–] [email protected] 0 points 2 months ago

Ah yes the nonsensical myth that the number of lazy people (so insanely lazy that they prefer to live below minimum wage) magically grows and shrinks in tandem with the economy and changes to the elasticity of the labour market ...without being in any way related to it.