Finance Minister Grant Robertson has taken a significant step in the Government's quest to address soaring house prices by lobbying the Reserve Bank to change its mandate. The move, Robertson hopes, will help bring about a period of "sustained moderation" to New Zealand's housing market. At the unveiling of the Government's updated books this afternoon, Robertson said New Zealand's stronger-than-expected economic performance has forced house prices up. REINZ has reported that there has been a 20 per cent year-on-year increase in house prices and the Government has come under enormous pressure to cool the market down. The Reserve Bank acts independently, meaning it does not take its instructions from the Government.

Source: New Zealand Herald November 24, 2020 01:09 UTC