Feeling the pain in your wallet? It's going to get worse

If you think your wallet is feeling lighter already, be prepared for more pain. (Image Depositphotos)

Thu, 18 Aug 2022

If you think your wallet is feeling the pinch now, just wait until the next round of interest rate hikes hit. That’s the underlying message from the Reserve Bank of New Zealand after it yanked the Official Cash Rate (OCR) skywards once more. A stiff 50 basis points rise lifted the OCR from 2.5% to 3%, but it’s the statement delivered alongside the hike that will sting the most. The Monetary Policy Committee delivered a topline warning that it would continue to “tighten monetary conditions at pace”. In othe...

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