90 seconds at 9am: Opposition to GST grows; US bond yields up on record debt sale

Watch on video page here Watch on YouTube here Bernard Hickey details the key news overnight in 90 seconds at 9am in association with the BNZ, including news opposition is growing to the government's plans for a hike in the GST rate to 15% from 12.5%. A TVNZ poll found 69% of people opposed an increase in the GST rate. Also the Labour opposition is jumping on this one, portraying these changes as tax cuts for the rich paid for by higher taxes for higher to middle income earners. Meanwhile, US bond yields rose overnight as the US government tried to sell US$126 billion worth of Treasury bonds. This is a record bond sale. Yields rose to a 6 week high. Bond investors are worried about US$2.5 trillion of new US Treasury bonds set to hit the market this year as the US government tries to fund its deficit spending. This is equal to 16% of GDP. The Fed's decision last week to hike the discount signals higher rates globally.