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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI ASIA MARKETS ANALYSIS: 2025 Rate Cut Projections Abate
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MNI INTERVIEW: NZ Property Market Changes Like a "Rate Hike"
New Zealand Government measures to control the country's rampant housing market were the same as an interest rake "hike" for the economy, and made it less likely that the central bank would change its dovish monetary outlook, according to a former RBNZ economist.
Sharon Zollner, who spent eight years as the senior economist at the RBNZ until 2006 and is now the chief economist at ANZ Bank in Auckland, told MNI in an interview that the central bank would be adding the Government measures "to the downside risk pile."
This week, the NZ Government announced a package of measures to rein in the housing market, which jumped 5.2% in February for annualised growth of 21.5%. A key change in the package was the removal of tax breaks and incentives for property investors.
GOOD AND BAD
Zollner told MNI that the RBNZ would be pleased with the package from a financial stability perspective, but concerned that putting a brake on the housing market could be ill-timed, given the promising, but still uncertain, pace of the economic recovery.
"There's no doubt that the RBNZ geed up the housing market with the rate cuts because there's no doubt that the cuts have driven the market, but at the same time that has created stability issues," said Zollner.
"If they do stop the housing market dead then there is a risk there could be a hole in economic activity before New Zealand's borders re-open.
"The story of the economy has been one big housing market for nine months, and now they are cooling that down and that is a downside risk to growth."
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.