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

Thu, 14 Mar 2013

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...

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