Government needs to tighten its belt following latest OCR hike
The Taxpayers’ Union has called on the Government to tighten its belt as the Reserve Bank announces a 50 basis points increase in the Official Cash Rate (OCR).
Taxpayers’ Union Campaigns Manager, Callum Purves, said:
“Kiwis needing to renew their mortgages will bear the brunt of this rise, but the Bank really had no option given the Government’s irresponsible spending and its own bond-buying bonanza that have both driven inflation."
“Given the need for funds to support reconstruction efforts after the cyclone, the Government needs to tighten its belt and reduce non-essential spending such as Auckland light rail, its bungled reform programme, and the excessive number of managers and consultants.”
