Seymour responds to OCR decision

Responding to the Reserve Bank's decision to hold the Official Cash Rate, ACT Leader David Seymour says:

"This is a pause for the cash rate, but it's not a pause for relief. Households currently struggling to make loan payments will continue to refix onto lower interest rates.

"Reserve Bank data suggests a quarter of fixed-term loans are due to refix in the next three months. For some households rolling from rates of 7% to 5% or less, that means hundreds of dollars off their fortnightly payments.

"Meanwhile, since the Coalition came into government, the weekly average mortgage repayment for first home buyers has already dropped from $907 to $722.

"Continued loan relief will leave more money in Kiwis' pockets to save or spend on the things that matter to them. That's the road to recovery for firms, farms, and families.

"The Government can continue to do its part by spending cautiously, leaving more money in the hands of New Zealanders who want to spend, invest, and be productive."