The Reserve Bank of New Zealand slashed its official cash rate by 75 basis points on Monday, in response to growing concerns over the coronavirus outbreak.RBNZ governor Adrian Orr.The bank cut the official cash rate to 0.25 per cent. The monetary policy committee agreed unanimously to keep the OCR at this level for at least 12 months, the bank said in its statement.
The negative impact from the virus on New Zealand's economy is, and will continue to be, significant, it said. The Committee also agreed that should further stimulus be required, it prefers to undertake large-scale asset purchases of government bonds rather than cut the OCR further. The bank however said New Zealand’s financial system remains sound and major financial institutions are well capitalised and liquid.
Australia will be next. A preditction of another cut in April will see a cash rate of 0.25%. Australia is hurting. The economy is stuffed.
Seems rate cuts cure the virus.
ZeeOneNZ Yep & now there's nothing left in their tool box
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ardern reveals 'unprecedented' travel restrictions, all visitors to New Zealand to self-isolateAnyone entering New Zealand from midnight (local time) on Sunday will be required to self-isolate for 14 days in an attempt to combat coronavirus, Prime Minister Jacinda Ardern announces. What leadership looks like That's what our leadership would do here, IF WE HAD ANY
Source: abcnews - 🏆 5. / 83 Read more »
New Zealand enforces mandatory quarantineNew Zealand will require all international passengers - including returning Kiwis - to self-isolate for a fortnight as the country locks down to ward off the spread of coronavirus Why is NZ smarter than Aus? A good way to stop ppl coming in. Who wants to self isolate for 14 days before starting a holiday?! Clever... When will Australia do the same
Source: smh - 🏆 6. / 80 Read more »
New Zealand cricketers rush to leave Australia as one-day series called offThe Chappell-Hadlee series has been sensationally called off, with New Zealand's cricketers heading to Sydney airport to leave the country immediately. SMHsport Lucky for them to be able to escape back to good leadership... We're stuck here with CaptainSmirkface auspoI
Source: smh - 🏆 6. / 80 Read more »
New Zealand postpones ODI series with Australia due to border restrictions over coronavirusAustralia's three-match ODI series against New Zealand began behind closed doors. Now it's been postponed, along with a return series, after a tightening of border restrictions by the New Zealand government. That’s what we should be doing too!!! Whattt! Unprecedented times call for serious measures Go NZ 👍
Source: abcnews - 🏆 5. / 83 Read more »
New Zealand enforces mandatory quarantine for coronavirusNew Zealand will require all internationally arriving people - including returning Kiwis - to self-isolate for a fortnight as the country locks down. 9News Be our PM in Australia as well! Australia better be next good policy. ScottMorrisonMP please follow
Source: 9NewsAUS - 🏆 10. / 72 Read more »
New Zealand cancels mosque shooting memorial over virus fearA national memorial in New Zealand to commemorate the 51 people who were killed when a gunman attacked two mosques one year ago has been cancelled due to concern over the new coronavirus Will she apologise for letting them in so they are now dead? She should apologise for opening the borders with her globalist mates, they’d be alive now if she hadn’t. I feel sad for the NZ Citizens too! She could have worn a burka & a mask would have been fine...
Source: smh - 🏆 6. / 80 Read more »