Reserve Bank watching heat in housing market for signs of broader economic impact

Mon, 08 Apr 2013

April 8 (BusinessDesk) – The Reserve Bank of New Zealand would raise interest rates if there were signs that an overheated housing market in Auckland and Christchurch was spilling over into broader inflation pressures and consumer spending, says Deputy Governor Grant Spencer. The nation needs to avoid another housing boom, which “could potentially be more costly than the last, particularly at a time when the economy faces headwinds from an overvalued exchange rate, drought and a substantial programme of fiscal consolidation,” Spencer told the...

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