RBNZ's new tool kit won't be able to stop rampant Auckland housing market

RBNZ's new tool kit won't be able to stop rampant Auckland housing market
By Paul McBeth March 14 (BusinessDesk) - The Reserve Bank's prospective new toolkit to iron out asset bubbles won't be able to stop a rampant Auckland housing market when it comes into play later this year, and would have a smaller impact than a rate hike. Deputy Governor Grant Spencer told Parliament's finance and expenditure committee the macro-prudential tools currently being consulted on won't stop Auckland's "housing market dead." Rather they will slow the bubble down and will need to work with a natural downturn in the market. The ca...