Robertson announced today that he has written to the Governor of the Reserve Bank, Adrian Orr, asking him if the bank would take a more active role in cooling New Zealand's overheated housing market. The move, Robertson hopes, will help bring about a period of "sustained moderation" to New Zealand's housing market. REINZ has reported that there has been a 20 percent year-on-year increase in house prices and the Government has come under enormous pressure to cool the market down. In a separate press release, he said that given the extended period of low interest rates, "now is the time to consider how the Reserve Bank may contribute to a stable housing market". The Reserve Bank acts independently, meaning it does not take its instructions from the Government.

Source: Otago Daily Times November 24, 2020 01:07 UTC