Lower Taxes, Less Waste,
More Accountability

Championing Value For Money From Every Tax Dollar

OCR freeze is little comfort to Kiwis already struggling with the cost of living

OCR freeze is little comfort to Kiwis already struggling with the cost of living

Commenting on the Reserve Bank’s decision to leave the Official Cash Rate (OCR) at 5.5%, Taxpayers’ Union Campaigns Manager, Callum Purves, said:

“Today’s OCR freeze will be of little comfort to Kiwis who are already struggling with the cost of living. While businesses and homeowners facing mortgage renewals will be relieved not to be paying even higher rates on their debts, the current levels of interest rates remain painful.

“A high OCR has been necessary to tackle the level of inflation driven in large part by the Government’s excessive spending. Even the International Monetary Fund has pulled Grant Robertson up for this calling on him to limit discretionary spending.

“Unless the Government acts quickly, it does not look as if things are set to get much better soon. Recently released Government financial statements show borrowing is $10.6 billion more than forecast just back in May – that’s an extra $5,389 of debt for evert household in the country.

“The Government needs to get its house in order and significantly strip back wasteful spending, to dampen inflation, and ease cost of living pressures for families.”

Showing 1 reaction

  • Nztu Media
    published this page in News 2023-07-12 14:07:07 +1200

Join Us

Joining the Taxpayers' Union costs only $25 and entitles you to attend our annual conference, AGM and other events.


With your support we can make the Taxpayers' Union a strong voice exposing waste and standing up for Kiwi taxpayers.

Tip Line

Often the best information comes from those inside the public service or local government. We guarantee your anonymity and your privacy.