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Economist would like to see OCR increases paused, so people can get used to it

Author
Newstalk ZB,
Publish Date
Thu, 6 Apr 2023, 7:51am
Benefits and the minimum wage will increase on April 1, while new changes are coming for EV drivers and those with trusts. Photo / 123rf
Benefits and the minimum wage will increase on April 1, while new changes are coming for EV drivers and those with trusts. Photo / 123rf

Economist would like to see OCR increases paused, so people can get used to it

Author
Newstalk ZB,
Publish Date
Thu, 6 Apr 2023, 7:51am

A claim has come that the Official Cash Rate increase will continue to hit pockets and stretch incomes

The Reserve Bank has shocked many by hiking the OCR 50 basis points to 5.25 percent.

Council of Trade Unions economist Craig Renney would like to see increases paused, so people can get used to it.

He told Tim Dower lots of people are facing multiple economic strains at once.

Renney says many are facing increasing mortgages on top of existing cost of living concerns.

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