Latest / Early Edition with Ryan Bridge / Andrew Dickens: The Reserve Bank can't wait around any longer to cut the OCR

Transcript

Andrew Dickens: The Reserve Bank can't wait around any longer to cut the OCR · Early Edition with Ryan Bridge

• 0:00
  Speaker 1: So yesterday on the show, I outlined the reasons why
• 0:02
  Speaker 1: the Reserve Bank might not cut interest rates or lower
• 0:06
  Speaker 1: them by zero point two five percent, and I got
• 0:08
  Speaker 1: that wrong because they chopped the rate by the expected
• 0:11
  Speaker 1: half a percent with immediate relief for mortgage holders. What
• 0:14
  Speaker 1: we try to do with the Reserve Bank is now
• 0:15
  Speaker 1: read behind the lines and figure out what they really
• 0:17
  Speaker 1: mean for us in our day to day life. And
• 0:19
  Speaker 1: we'd like to hear that in real language. So this
• 0:21
  Speaker 1: is what I think they're saying. They're saying times have
• 0:23
  Speaker 1: been tough, but you've been sitting on that couch for
• 0:26
  Speaker 1: fifteen years. You wanted to replace that couch five years ago,
• 0:29
  Speaker 1: but everything went so crazy that you called ty hoe
• 0:31
  Speaker 1: until times were better. The Reserve Bank then says, well
• 0:35
  Speaker 1: times are better. Well, times actually are as good as
• 0:38
  Speaker 1: you're going to get anytime soon, So buy that couch
• 0:42
  Speaker 1: and please buy a New Zealand one. In this statement,
• 0:45
  Speaker 1: they admit there are future risks, but they promised to
• 0:47
  Speaker 1: keep a close iron it. But we can't just sit
• 0:49
  Speaker 1: in our hands. So we've got a bit of a furlough,
• 0:51
  Speaker 1: so let's get cracking. We can wait for us someone
• 0:54
  Speaker 1: to tell us what to do like a government, but
• 0:55
  Speaker 1: that's not the New Zealand way. We just need to
• 0:57
  Speaker 1: get out there and do it. We need to work
• 0:58
  Speaker 1: for every dollar we can find. We also need to
• 1:01
  Speaker 1: realize that the dollars we've got need to be in
• 1:03
  Speaker 1: the washing machine that is our monetary system. It helps
• 1:06
  Speaker 1: no one if you sit there cautiously, and I think
• 1:09
  Speaker 1: that's what the Reserve Bank is hoping for, that we
• 1:11
  Speaker 1: will loosen the strings around our purse book and spending
• 1:15
  Speaker 1: will increase as the year goes on, but not by
• 1:18
  Speaker 1: too much. Don't go crazy, just keep it all balanced. Meanwhile,
• 1:21
  Speaker 1: everyone's going to hope and pray that global conditions treat
• 1:24
  Speaker 1: us kindly. For more from Early Edition with Ryan Bridge,
• 1:27
  Speaker 1: Listen live to News Talks at b from five am weekdays,
• 1:31
  Speaker 1: or follow the podcast on iHeartRadio