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RBNZ disappointed with bank inaction post-OCR cut
Bernard Hickey reports on the Reserve Bank's Financial Stability Report press conference, where deputy governor Grant Spencer said he was was disappointed that the Reserve Bank's 50 basis point cut in the Official Cash Rate on April 30 has not been passed on in the form of lower variable mortgage rates. The Reserve Bank also warned banks about lending too much and too fast to the farming and commercial property sectors.
Bollard may be saying publically
Bollard may be saying publically that he is "dissappointed", but he knows all too well that the banks are facing reduced margins and increasing risk of increasing doubtful debts, and cannot reduce rates further (or may even need to increase them).
In general bank deposit rates are still higher than Australian rates (even with a lower OCR), and offshore funding costs still remain high. So what exactly does Bollard expect banks to do here??
This is more about shifting blame and saving face more than anything else....
The last thing we need
The last thing we need is another mortgage bubble. And houses would be affordable if we didn't have zoning, i.e. deliberate restriction of land supply.
Crank up the rates. Houses
Crank up the rates. Houses will become more affordable then....after they crash to their true values.
The way Bollard talks, makes
The way Bollard talks, makes him sound like someone preparing for political office.
His actions todate have done little for young people who aspire to own their own home.
House prices have barely moved into a reasonable price range which makes it affordable for first time buyers.
And all he has done with his continual rate cuts is, to re-energise the property speculators to go on a binge again and make it that much harder for those looking to buy their first home.
Doesn't he realize that he is creating more obstacles for those who wish to buy a home, by compelling them to enter into another bidding frenzy with the property speculators and probably end up with a massive mortgage ?