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.