Tough times are expected to follow the Official Cash rate hike, which caught many by surprise.

The Reserve Bank increased the OCR by 50 basis points to 5.25 percent.

Kiwibank Chief Executive Steve Jurkovich says it will be a knock to business confidence and will mean people tightening their belts.

But he told Mike Hosking it's balancing out previous extreme trends.

Jurkovich says we've had low interest rates for a long time.

LISTEN ABOVE

Tough times are expected to follow the Official Cash rate hike, which caught many by surprise.
The Reserve Bank increased the OCR by 50 basis points to 5.25 percent.
Kiwibank Chief Executive Steve Jurkovich says it will be a knock to business confidence and will mean people tightening their belts.
But he told Mike Hosking it's balancing out previous extreme trends.
Jurkovich says we've had low interest rates for a long time.
LISTEN ABOVE

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. 

Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers.

Best of Business

Steve Jurkovich: Kiwibank CEO says unexpected Official Cash Rate hike will knock business confidence

National's Nicola Willis is putting the rosier Government books - unveiled today - down to Kiwis' hard work, but won't say whether they'll be repaid a dividend in the form of tax cuts. 

Forecasts predict the next two years' deficits will be much smaller, and the 2028/29 surplus nearly $2 billion larger than earlier expected. 

But much of that improvement is down to income-tax bracket creep, and more revenue from GST and company tax. 

Willis says her focus is getting debt down, to buffer against any future shock.

"Those are National's budget responsibility rules - we have to deliver on those before we start dishing out the dividend." 

LISTEN ABOVE

National's Nicola Willis is putting the rosier Government books - unveiled today - down to Kiwis' hard work, but won't say whether they'll be repaid a dividend in the form of tax cuts.&nbsp;
Forecasts predict the next two years' deficits will be much smaller, and the 2028/29 surplus nearly $2 billion larger than earlier expected.&nbsp;
But much of that improvement is down to income-tax bracket creep, and more revenue from GST and company tax.&nbsp;
Willis says her focus is getting debt down, to buffer against any future shock.
"Those are National's budget responsibility rules - we have to deliver on those before we start dishing out the dividend."&nbsp;
LISTEN ABOVE

Nicola Willis: Finance Minister on the pre-election opening of the Government books

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/24f30bd8-593b-4f6a-a5d5-b4d400539e77/transcript

Economists are expecting the Reserve Bank of Australia to lift the OCR up again this evening.

A rise of 25 basis points is projected, meaning the OCR could go up as high as 4.60 percent.

Ahead of the announcement, Australian correspondent Murray Olds says this projected increase will put more pressure on the federal Government, especially in the eyes of homeowners.

LISTEN ABOVE

Economists are expecting the Reserve Bank of Australia to lift the OCR up again this evening.
A rise of 25 basis points is projected, meaning the OCR could go up as high as 4.60 percent.
Ahead of the announcement, Australian correspondent Murray Olds says this projected increase will put more pressure on the federal Government, especially in the eyes of homeowners.
LISTEN ABOVE

Murray Olds: Australian correspondent on whether the RBA is set to lift the OCR again

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/d99ed7cd-f2a2-4c57-8d53-b4d400487166/transcript

Bill Gates is the latest big name in the tech sector to issue a warning about AI amid rising concerns.

Gates says the technology needs to be regulated and warns that AI can't keep going unchecked and that existing 'kill switches' aren't enough.

US correspondent Richard Arnold says Gates is calling for a better 'monitoring system' to stop AI from causing harm. 

LISTEN ABOVE

Bill Gates is the latest big name in the tech sector to issue a warning about AI amid rising concerns.
Gates says the technology needs to be regulated and warns that AI can't keep going unchecked and that existing 'kill switches' aren't enough.
US correspondent Richard Arnold says Gates is calling for a better 'monitoring system' to stop AI from causing harm.&nbsp;
LISTEN ABOVE

Richard Arnold: US correspondent on Bill Gates warning that AI growth can't keep 'going unchecked'

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/601ea22f-8047-436f-8305-b4d20163406d/transcript

Steve Jurkovich: Kiwibank CEO says unexpected Official Cash Rate hike will knock business confidence

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