Bernard Hickey details the key news overnight in 90 seconds at 9am in association with ASB, including Mercer's forecast that moving the retirement age to 67 from 65 could save New Zealand taxpayers NZ$100 billion. This is a debate we need to have. Other countries have done this and we can't afford to keep that age at 65. Vote in a poll on our blog.
Meanwhile, the Reserve Bank is scheduled to make a decision about the Official Cash Rate on Thursday. Most expect it to remain on hold at 2.5%. The RBNZ has said previously it expected to keep the OCR at or below 2.5% until late next year.
Meanwhile, mortgagee sales were steady at 247 in May, according to Terralink. This was up from 88 a year ago. In the United States 7 more banks failed over the weekend. Fears are growing about the commercial property bust there.
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