Interest rates freeze shows need to take an axe to Government waste

The Reserve Bank of New Zealand has once again held the Official Cash Rate (OCR) at 5.5%. Commenting on this, Taxpayers’ Union Policy and Public Affairs Manager, James Ross, said:

“Sky-high interest rates are punishing Kiwi families and stunting economic growth. New Zealanders will keep getting relatively poorer until the OCR starts coming down, so the Government needs to be doing much more to get the inflation genie back into the bottle.

“The Government needs to get serious about slashing wasteful spending, but so far it’s done anything but. More spending, a bigger deficit and heaps more debt were the name of the game in May’s Budget.

“People demanded a return to sound financial management at the ballot box on 14th October. Kiwis’ wallets are squeezed, and this Government needs to give people what they voted for.”