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Stop putting up interest rates
Newmarket Business Association
Tuesday 14 August 2007
Stop putting up interest rates, shoppers spending less
Auckland's leading shopping district says the Reserve Bank needs to take heed of the latest Statistics New Zealand retail figures released today which show consumer spending is flat.
"We would hate to see Dr Bollard raise the Official Cash Rate on 13 September for the fifth consecutive time. These latest figures, along with all the anecdotal evidence, show that things are pretty flat across the country," says Cameron Brewer, general manager of the Newmarket Business Association.
"Hiking up interest rates to slow down out-of-control shopping sprees is no longer required. That may have been the case for the first quarter of this year, but the second and third quarters are proving to be quite different," said Mr Brewer.
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