Reserve Bank Holds OCR, But Councils Keep Piling On the Pressure

Commenting on the Reserve Bank’s decision to hold the Official Cash Rate at 3.25 percent, Taxpayers’ Union Spokesman James Ross said:

“Housing is the biggest driver of the cost-of-living crisis, and runaway rates bills are making it worse. Just weeks after councils pushed through hikes averaging 8.71 percent, households are at breaking point.”

“Interest rates are already dragging down economic growth, but the Reserve Bank has little choice but to keep doing damage while rising council rates continue to fuel inflation in the background.”

“This pause in the OCR should be a wake-up call. If the Government is serious about easing cost-of-living pressures it has to cap rates hikes to inflation, starting now.”