High Immigration Keeps Interest Rates Up

New Zealand First says the Reserve Bank is keeping interest rates high, seriously affecting exporters, because of the huge inflow of immigrants fuelling housing inflation.

Leader Rt Hon Winston Peters said keeping the OCR at five percent is high by international standards and this policy attracts overseas money and pushes up the value of the New Zealand dollar.

“The Reserve Bank itself says ongoing population growth has been fuelling a sharp rise in residential and construction activity throughout the country and has supported household spending.

“This means that farmers and other exporters struggle to survive on international markets while property speculators and rack renters in Auckland have a field day.

“Some Auckland immigrant landlords are renting three bedroom homes to up to 14 students and charging $175 per student per week rent. No wonder prices in that city are going through the roof.

“Property prices in Auckland have gone up 20 percent in the past year because of the stupid immigration policies of this government. New Zealanders are being hurt badly by politicians who have sold their country out to Asian colonists,” said Mr Peters.

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