Official cash rate

The recent slashing of the

by the Reserve Bank Governor (NZ Herald, May 9) is ludicrous. It looks to have resulted from political pressure from a Government whose policies have constantly failed and has all the hallmarks of a committee decision.

It simply allows the fat cat banks to reduce home lending rates to ridiculously low levels while slashing investment rates - thereby screwing savers and risk-averse older people dependent on savings income.
It is said this slashing will help stimulate the economy but how can that be because it simply encourages young people to buy overpriced

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