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Release: Rate cuts highlight Willis’ economic blunders

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Source: New Zealand Labour Party

Today’s Official Cash Rate cut is good news for borrowers, but also a symptom of rising unemployment and an economy in recession.

“Nicola Willis loves to take credit for the decisions of the Reserve Bank, which is an independent agency outside of her control, but if she wants to own the rate cuts then she needs to own what’s causing those cuts: rising unemployment and the worst recession in 30 years, excluding COVID-19,” Labour finance spokesperson Barbara Edmonds said.

“I welcome the Reserve Bank’s decision and hope that this provides some relief for Kiwis who are struggling under National’s recession, which the Bank cites as taking a sharp decline in mid-2024. The Bank’s rate cut is a direct response to the economic downturn that Luxon’s government’s decisions have caused. The economy is weak thanks to the government’s cancellation of infrastructure projects, leaving 13,000 construction workers out of a job.

“New Zealanders are expressing their frustration by leaving Aotearoa New Zealand. The latest data shows a record number of people are leaving, with 128,700 departures last year.

“If the government was serious about economic growth, it would take immediate action to stabilise the job market. That means investing in public services, infrastructure, and climate initiatives that create jobs, not axing funding for schools, hospitals, and public housing. It’s time for leadership that invests in jobs, skills, and the future, not cuts and excuses,” Barbara Edmonds said.

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MIL OSI

Resealing planned for stretch of SH3 heading south into Bulls

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Source: New Zealand Transport Agency

A stretch of State Highway 3 (SH3) heading south into Bulls will be closed for 5 days while one lane is resealed.

The southbound lane of SH3, near Dudding Lake, will close from Monday 3 March, with work expected to be complete by 6pm, on Friday 7 March.

The lane will be closed each day between 6am and 6pm. During the one-lane closure, the road will be resealed between Makirikiri Road and Pukepapa Road.  

Southbound traffic will detour via Makirikiri Road and Pukepapa Road and back to SH3. Northbound traffic on SH3 will be able to travel through the site, and at times, the lane will be shifted to enable the resealing work. There will be a temporary lower speed in place.

The southbound detour is expected to add about 5 minutes to journey times. Outside of work hours, the road will be open and a 30km/h temporary speed limit will be in place for safety. 

This one-way closure and detour will allow crews to complete this resealing work as safely and efficiently as possible, while keeping traffic moving around the worksite.

In the event of works being delayed due to wet weather, programming changes or unforeseen circumstances, updates will be provided on our NZTA social channels and Journey Planner. 

NZ Transport Agency Waka Kotahi is thanking road users in advance for their patience and their support taking the detour, while we complete this important road resealing work to improve the road’s long-term condition. 

MIL OSI

Finance – The RBNZ cuts 50bp, as telegraphed. And they have lowered the OCR track – 3% here they come – Kiwibank

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Source: Kiwibank
Yes, the RBNZ cut 50bps today, as expected.  RBNZ officials have proven to be nibble, again, and thankfully.  The economy needs help. 
But the main message from today’s MPS is the lowering (again) of the OCR track. The RBNZ are signalling more cuts, sooner. The RBNZ has effectively matched market pricing, and moved closer to our long-held view of a 3% terminal rate.  There’s only 10bps between us now. It pays to be stubborn. And we agree with the move. We’re all on the same page, now.

Here’s the key dates: the OCR track implies a 25bp cut in April and May to 3.25%. And then there is a welcome drop to 3.14% to end the year. And the track flatlines at 3.1% out to 2028.  That’s the RBNZ’s way of saying there’s a 60% chance they go from 3.25% to 3%.  You know, it’s kind of needed, but we not quite there yet. In time, they should get to 3%.  And the risks are to the downside. 

We must point out that a 3.75% cash rate remains well above estimates of neutral – which are close to 3%.  So interest rates remain at levels that restrain demand. And after a severe recession, it’s hard to justify. We have rising unemployment and inflation rangebound near target. Job done. Release the break and put it in neutral.  If anything, the RBNZ may need to stimulate, by putting the economy in drive, tapping the accelerator, and cutting below 3%.

The REALLY good news is that RBNZ has tamed the inflation beast. And it is time to drag the economy out of recession.  With more interest rate cuts on the way, we see the economy recovering in 2025. Rate cuts are feeding through fast, with 81% of mortgages fixed for less than a year.  That points to a firmer recovery in the second half of 2025. Along with gains in the housing market. And of course, 2026 is looking better than 2025, which will be a lot better than 2024.

It’s a confidence game. It’s all about confidence. And we expect the lift in confidence to persist, and eventually feed into activity, profitability, hiring and investment. We’re more confident in the recovery.

MIL OSI

Real Estate – Ark for sale in New Zealand – NZSIR

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Source: New Zealand Sotheby’s International Realty (NZSIR)

Noah’s Ark is now up for sale in Christchurch, New Zealand.

The distinctive property – believed to be the only ark for sale in the world – is expected to attract international interest.

Listed by leading real estate agency New Zealand Sotheby’s International Realty (NZSIR), the (approximate) 860 sq m Ark is nestled upon Clifton Hill in Sumner and features three levels with amenities such as a grand ballroom, two expansive commercial kitchens, several entertaining spaces, and a large basement.

NZSIR sales associate Rod Cross says the Ark – located at Lot 4, 4 Loader Lane – is one of the most intriguing and unconventional properties in NZ.

“The dwelling was built in the early 2000s as a function centre and has been utilised for multiple purposes, from a church and wedding venue to tearooms and a private residence,” Cross says. “The building itself is incredible with its grand, nautical design and exquisite craftsmanship.”

The Ark was a central feature of the renowned Gethsemane Gardens, which has more recently been developed into the high-end subdivision, Gethsemane Heights. The building’s three separate levels each present a blank canvas that can be structured into spaces to suit any lifestyle.

“The beauty of this building is that it’s an opportunity for a visionary, and a chance for the next owner to realise a dream,” Cross adds. “It certainly has ample space and versatility for many options to be considered.”

Vaulted ceilings, exposed timber beams, and picture windows invite natural light while showcasing views of the Southern Alps and Pegasus Bay.

The Ark was part of the Gethsemane Gardens sale in 2016 and, since being subdivided, this is the property’s first time to the market in its own right.

“We’re sailing into new territory with this exceptional property, and expect worldwide interest,” says Cross. “It presents a chance to create something extraordinary.”

The Ark will be sold via auction on Friday, March 28 at 4pm.
  
About New Zealand Sotheby’s International Realty                    
New Zealand Sotheby’s International Realty (NZSIR) is a specialist agency that focuses on the sale of premium property through quality marketing and global networking. Founded in 2005 by Mark Harris and Julian Brown, the NZ branch of the global company has 27 offices nationwide – Northland, Auckland Ponsonby, Auckland North Shore, Auckland Remuera, Auckland Eastern Bays, Auckland South East, Waiheke Island, Hamilton, Cambridge, Rotorua, Taupō, Napier, Ahuriri, Havelock North, Palmerston North, Masterton, Greytown, Kapiti, Wellington, Hutt Valley, Nelson, Marlborough, Christchurch, Wānaka, Arrowtown and its head office in Queenstown. It also has an Australian office in Melbourne, Victoria.  

NZSIR is part of Sotheby’s International Realty – the world’s leading luxury real estate company – with a global network of approximately 1,110 offices and more than 26,000 affiliated independent sales associates throughout 84 countries and territories. It is through this unparalleled luxury network that NZSIR is able to access and market properties on an international level. In 2022/2023 NZSIR was named Best International Real Estate Agency Asia Pacific (5-20 offices) at the International Property Awards.                  
www.nzsothebysrealty.com    

MIL OSI

Detour for Greymouth drivers next Wednesday – overnight

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Source: New Zealand Transport Agency

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Greymouth’s High St (SH6) will be closed between Shakespeare St and Morice St next Wednesday night, 26 February, says NZ Transport Agency Waka Kotahi (NZTA).

The highway will be resurfaced between 8 pm and 6 am, weather permitting.

NZTA thanks everyone for taking it slowly on the local road detour along Shakespeare and Marlborough Sts overnight as this key piece of sealing is done before winter.  (See map below)

Residents will have access at all times, but people are asked not to park their cars on this section of High St on Wednesday after 8 pm.

If it is wet, work will switch to the next dry night eg Thursday, 27 February, same times overnight.

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MIL OSI

NZers didn’t need this much pain to reduce OCR

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Source: Green Party

Today’s OCR cut will fail to soothe the long-term pain Christopher Luxon’s Government is inflicting upon our communities. 

“Luxon’s Government had options to cool demand in the economy. Instead of sharing resources around so everyone could get through the hard times, they threw jobs, public services and livelihoods on the scrapheap,” says Green Party co-leader and spokesperson for Finance Chlöe Swarbrick. 

“The collateral damage of Christopher Luxon and Nicola Willis’ decisions mean more inequality, more homelessness, more climate-changing emissions, more inequality and more long-term issues. Maybe that’s what they mean by ‘going for growth’?

“While today’s OCR announcement is good news for everyone with a mortgage, it’s critical to understand the unnecessary collateral damage created by the Government’s chosen path of destruction. Those wounds won’t heal quickly or by themselves.

“Monetary policy, the setting of interest rates, is a blunt instrument. It’s fiscal policy, the Government’s choices on tax and spend – which dictates who wins, and who loses in our economy.

“New Zealanders are voting with their feet and leaving in record numbers. They’ve given up playing by made-up rules that benefit wealth accumulation of the few over the work of the many.

“A different world is possible. We can have an economy that works for people and planet, instead of exploiting both,” says Chlöe Swarbrick. 

MIL OSI

UPDATE: Crash closes State Highway 6 near Murchison (SH6 is now OPEN)

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Source: New Zealand Transport Agency

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UPDATE: 2:25 pm:
The crash site has been cleared and State Highway 6 has reopened in both directions.

Some delays are possible as queued traffic clears.

 1:25 pm:

Drivers travelling on the inland route between Nelson and Springs Junction can expect delays while emergency services attend a crash that has closed State Highway 6 near Murchison.

The highway is  currently closed at the intersection of State Highway 65 near Fern Flat and the Upper Buller Gorge(O’Sullivan’s Junction).

The crash, involving two cars, was reported at around midday. Emergency services and contractors are at the scene.

Drivers are asked to avoid the area and delay their travel until the crash is cleared and the highway reopened. No local road detours are available

Further updates will be provided when available.

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MIL OSI

UPDATE: Wellington drivers, expect delays following crash in the Terrace Tunnel (Tunnel now fully OPEN)

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Source: New Zealand Transport Agency

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UPDATE: 2:10 pm
The Terrace Tunnel is now open in both directions.

NZTA/Waka Kotahi and the Wellington Transport Alliance thank drivers for their patience and cooperation while this incident was resolved.

UPDATE 1:55 pm:

The Terrace Tunnel is now open to northbound traffic. It remains CLOSED to southbound traffic.

Southbound traffic must continue to detour via Terrace Offramp onto The Terrace onto Ghuznee Street onto Victoria Street onto Vivian Street.

1:45 pm:

Wellington drivers can expect delays heading into the CBD following a crash in the Terrace Tunnel on State Highway 1 this afternoon.

The tunnel is currently closed in both directions following a crash reported around one o’clock this afternoon.

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MIL OSI

Government must keep cutting to keep interest rate relief coming

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Source: ACT Party

The Government must keep cutting to keep the interest rate relief coming, says ACT Leader David Seymour in response to a 0.5 point cut in the Official Cash Rate.

“Households who’ve done it tough through a cost-of-living crisis are seeing their sacrifices pay off. Today’s good news can be credited in part to New Zealanders’ financial discipline, which has eased inflation and made mortgage relief possible,” says Seymour.

“The Government has been doing its part too, reining in Labour’s spending commitments. But we need to do more. The households paying the bills deserve a government that’s as disciplined as they are.

“We can’t expect to coast our way to ongoing interest rate cuts. We need persistent action from Wellington to keep cutting the waste, and ACT is continuously putting ideas forward.

“Less waste and lower interest rates means firms, farms, and families can keep more of their own money, to spend and invest on their own priorities. That is how we achieve real prosperity and economic growth.”

MIL OSI

Growing economy good for jobs and opportunities

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Source: New Zealand Government

The Reserve Bank’s positive outlook indicates the economy is growing and people can look forward to more jobs and opportunities, Finance Minister Nicola Willis says. 

The Bank today reduced the Official Cash Rate by 50 basis points. 

It said it expected further reductions this year and employment to pick up in the second half of the year. 

“This is good news for New Zealanders. A growing economy means more money in people’s pockets, more jobs and more opportunities,” Nicola Willis says.

“The Government knows many families and businesses are doing it tough, but evidence is mounting that they can look forward to better times.  

“Today’s reduction in the Official Cash Rate is the fourth since August last year and confirms inflation is firmly back under control. 

The rate has now fallen 1.75 points since August to 3.75 per cent. Further reductions will put more downward pressure on interest rates. 

“That is good news for businesses as well as families. More money in people’s pockets means more money flowing through tills.

“There are signs that that is already beginning to occur. 

“Business and consumer confidence are both trending upwards and last week the BNZ and Business NZ reported that growth in manufacturing had risen to its highest level since September 2022.

“After a period of decades-high inflation, high interest rates and cost-of-living pressures, the economy is heading in the right direction.” 

MIL OSI

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