Desperate need for growth after OCR slash

Commenting on the Reserve Bank’s decision to once-again slash the Official Cash Rate (OCR) by 50 basis points, Taxpayers’ Union Policy and Public Affairs Manager, James Ross, said:

“This slashing of the OCR proves what we’re all feeling; New Zealand’s economy is limping. We’re in a worse per-capita recession than we were following the Global Financial Crisis.”

“The Government desperately needs to pull out all the stops to get us growing again. The only way to do that is investment.”

“Anti-business taxes (including one of the highest corporate tax rates in the world) and nonsense red tape will keep us stuck in reverse.”

“Slashing interest rates is half a solution at best, and sticking plasters won’t put New Zealand back on the right course.”