A reminder of how painfully slow that mortgage payment relief translates into extra spending into the economy. RBNZ started cutting interest rates in August 2024 and mortgage interest costs are now back at the same level as they were in... errrm, August 2024. - ThreadSky

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musicalchairs.bsky.social • 15 days ago

A reminder of how painfully slow that mortgage payment relief translates into extra spending into the economy.
RBNZ started cutting interest rates in August 2024 and mortgage interest costs are now back at the same level as they were in... errrm, August 2024.

Comments

kentduston.bsky.social•15 days ago

And just for the fun of it, the banks have delayed passing through the OCR rate drop for anything up to 3 weeks, just to gouge another few million dollars out of borrowers

cloudynetwork.bsky.social•15 days ago

All the more to siphon off to Australia 🤦‍♂️

kentduston.bsky.social•15 days ago

Banker: rhymes with …

tanewoodley.bsky.social•15 days ago

Cunt.

tanewoodley.bsky.social•15 days ago

And not the good sort either.

kentduston.bsky.social•15 days ago

Right now, in the middle of the deepest recession of a generation, the profiteering bankers are giving the actual sociopaths a bad name

brettcd.bsky.social•15 days ago

As you mentioned a while back this could translate into an economic uplift just before the next election which would be ... shit for reasons.

cloudynetwork.bsky.social•15 days ago

It won't. Rates don't really drive growth particularly in a housing market with an economy tacked on like ours. As long as the austerity cuts continue the shrink will continue.

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