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5 Mar 2024 20:46
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  •   Home > News > Business

    Ashburton's mayor is taking a swipe at the Reserve Bank over interest rates

    Ashburton's mayor is taking a swipe at the Reserve Bank over interest rates


    The Local Democracy Reporting service says the council's heading into its long-term planning budgets this week, with a recent financial report showing interest costs are three times higher than last time.

    Mayor Neil Brown says the costs will have to be passed on, causing big rates rises.

    Brown says rising interest is causing high inflation, and the Reserve Bank's talks of increasing rates again will make the problem worse.

    The Reserve Bank disagrees, saying interest rates are working to bring down inflation, not add to it.

    © 2024 Newstalk ZB, NZCity

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