Wednesday, 23 October 2024 13:25

'Mea culpa'

Written by The Hound

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OPINION: The Reserve Bank’s rate cut is great news, albeit a bit late, but your old mate agrees with Act leader David Seymour that the cut – with more to come – is a “multi-billion dollar mea culpa” by the RBNZ.

It bookends a series of excesses, says Seymour.

The too-easy money of Covid times spiked house prices and inflation.

Then, interest rates shot up, house prices crashed back down. “Interest rates were also driven up by Labour’s Covid spending blowout.

Households responded by making spending sacrifices – and changing the Government.”

No time for Seymour and his coalition cohorts to rest on their laurels though – they need to keep cutting the waste and red tape from Wellington and fast tracking the infrastructure we need to avoid falling further towards third world status.

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