RBNZ house alert speech the catalyst for government action

Mon, 18 May 2015

By Pattrick Smellie May 18 (BusinessDesk) - Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly applying tax law on trading in residential property. At his weekly post-Cabinet press conference, Key said that while the government had been "kicking around" ideas for taking the heat out of what some believe is an emerging residential property bubble in the country...

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