Chamber comment on Reserve Bank OCR cut

The leadership of the Reserve Bank to cut the Official Cash Rate (OCR) a record 150 points from 5 percent to 3.5 percent was praised by Auckland Chamber of Commerce chief executive Michael Barnett.

“The banks need to follow through quickly with interest rate cuts to ensure the benefits flow through to businesses and home owners.”

The cut in interest rates will obviously help businesses and home owners lower their costs, and improve their prospects for surviving the year ahead, said Mr Barnett.