This edition of NewsRoom_Digest contains 5 media release snippets and 6 links of the day from Thursday 11th June.
Top stories in the current news cycle include the Reserve Bank cutting interest rates in response to weakening demand and low inflation and signalled further cuts may be needed, the Labour party saying the Reserve Bank has been forced to cut the OCR to stimulate the economy and the Real Estate Institute saying the national median price of residential properties rose 7% in May, driven by a 20% increase in Auckland prices.
SNIPPETS OF THE DAY
OCR Reduced To 3.25 percent: The Reserve Bank cut the benchmark rate a quarter-point and signalled more may be on the way as the dairy sector’s weak outlook weighed on the nation’s terms of trade and threatened to delay an increase in inflation from its near-zero level. The New Zealand dollar tumbled.
Green Party: Govt Must Fix Auckland Housing Crisis: The decision to cut the Official Cash Rate (OCR) today is the right one but will add fuel to Auckland’s rapidly rising house prices unless central government acts swiftly and smartly, the Green Party said today.
New Lending Codes Applies To Banks Too : The Banking Ombudsman Scheme has published a Quick Guide explaining how new responsible lending requirements and changes to hardship applications affect banking. See the Quick Guide on Concerns about lending decisions: https://bankomb.org.nz/news-and-publications/quick-guides/item/concerns-about-lending-decisions
Labour: Overpriced Power Rates: Contact Energy is charging the poorest New Zealanders the highest electricity rates, ripping off those who can least afford it, Labour’s Consumer Affairs spokesperson David Shearer says.
Nelson Housing Accord: A Nelson Housing Accord aimed at improving the supply and affordability of housing in the district has been signed today by Building and Housing Minister Dr Nick Smith and Mayor Rachel Reese. Download a copy of the accord:
LINKS OF THE DAY
RBNZ CUTS INTEREST RATES TO 3.25% : The Reserve Bank today reduced the Official Cash Rate (OCR) by 25 basis points to 3.25 percent. Click here to see the Official Cash Rate (OCR) decisions and current rate:http://www.rbnz.govt.nz/monetary_policy/ocr/
7,989 DWELLINGS SOLD IN NZ FOR MAY ALONE : REINZ, the most up to date source of real estate data in New Zealand, announced today that there were 7,989 dwelling sales in May 2015, up 21.6% on May 2014 and up 10.4% compared to April. View housing prices in the region here:https://www.reinz.co.nz/shadomx/apps/fms/fmsdownload.cfm?file_uuid=7FAC0A60-E9E3-45DC-B700-E3F3F92B72B2&siteName=reinz
NZ DEFENCE JOIN IN “TALISMAN SABER” : More than 600 NZ Defence Force personnel will take part for the first time in a biennial joint Australia-United States military exercise known as Talisman Saber. See also :http://www.defence.gov.au/Exercises/TS15/
UNION QUESTIONS GOVERNMENT’S DECISION: The Taxpayers’ Union is questioning the Government’s decision to give $485,000 of taxpayer money to local Councils to run youth councils and workshops. Read more:http://beehive.govt.nz/release/485k-funding-councils-support-youth
GUEST NIGHTS HIGHER IN APRIL : National guest nights for April 2015 were 3.6 percent higher than in April 2014, Statistics New Zealand said today. See statistics here:http://www.stats.govt.nz/browse_for_stats/industry_sectors/accommodation/AccommodationSurvey_HOTPApr15.aspx
MORE THAN 250,000 REGISTERED FOR NZ SHAKEOUT : More than 250,000 people have already registered to take part in New Zealand ShakeOut, our national earthquake drill. For further information go here:www.shakeout.govt.nz.
And that’s our sampling of the day that was on Thursday 11th June 2015.
Brought to EveningReport by Newsroom Digest.