![Kiwis feeling pinch on savings](/pf/resources/images/placeholders/placeholder_l.png?d=793)
Kiwis feeling pinch on savings
Eight years ago Kiwis were getting close to 8.5 per cent on their money in the bank. Now it's less than half that and savers look set to be squeezed even more.
Eight years ago Kiwis were getting close to 8.5 per cent on their money in the bank. Now it's less than half that and savers look set to be squeezed even more.
The Reserve Bank surprised no one by cutting its official cash rate at yesterday's official cash rate review. The challenge now facing the central bank lies not in holding inflation down, but in holding it up.
Wheeler cited rising consent numbers as a bright spot in the Auckland housing sector when he gave his post-OCR briefing.
The Reserve Bank is expected to cut interest rates this week, fueling belief that banks will follow suit and cut mortgage rates.
Investors will soon have another option when it comes to beating the savings' rate on money in the bank.
Gold futures have fallen for the second time in three days amid mounting speculation that the US Fed will raise interest rates.
The tide has turned on the economic boom. The slump in dairy prices has once again laid bare the vulnerabilities of a commodity-dominated economy.
New Zealand business confidence fell for a second month, to the most pessimistic in six years, led by the agricultural sector and construction companies.
NZIER's monetary policy shadow board favours a cut to the official cash rate of 25 basis points to 3 per cent tomorrow.
Reserve Bank may take interest rates to a new record low by October.
Confidence fell as households turned sour on the economic outlook, although more remain positive rather about their personal situation.
Consumer prices rose as a weaker currency and higher global oil prices lifted the cost of petrol.
Interest rate swaps sold to a North Island motel operator were unsuitable for it and "one-way traffic for the benefit" of Westpac, says a witness in a $3 million lawsuit.
How can the air be gently let out of the souffle without having it collapse? Mathhew Goodson writes.
Traders in the local currency are sensitive to suggestions that the Reserve Bank may intervene in the market to lower its value.
Yellen has long been categorised as what Fed watchers call a "dove," someone who favours looser monetary policy.
Banks have slashed mortgage rates this morning in reaction to the Reserve Bank cutting the Official Cash Rate to 3.25 per cent.
Too many drivers are keeping the Auckland property market hot, and experts see little or no change, as David Maida discovers.
The economy is expected to grow at about 3 per cent a year out to 2017, driving jobs growth and reducing unemployment, says the NZIER.
Businesses have lifted their expectations for inflation, sapping immediate pressure on the Reserve Bank to cut interest rates.
Reserve Bank deputy governor Grant Spencer could hardly have been blunter in taking the Government to task over its response to Auckland's overheated housing market.
Labour leader Andrew Little says the Reserve Bank should target property speculators to ease the pressures on the Auckland housing market.
Flight Centre's currency exchange business is for a limited time offering a parity deal with the Australian dollar.
The Reserve Bank of Australia failed to live up to market expectations and left its official cash rate unchanged, sending the NZ dollar tumbling.
US Federal Reserve chair Janet Yellen said that rates would remain low "for some time" while the economy continues to recover.
New Zealand's economy grew 0.8 per cent in the last three months of 2014, led by retail and accommodation, Statistics New Zealand said today.
Janet Yellen wants to be less predictable, if only a little.