But David Cunningham, CEO of mortgage broker Squirrel, and a former CEO of The Co-operative Bank, is warning that "households are in for a WORLD OF PAIN". He says the average mortgage rate Kiwis are paying today is 4.40% - up from a low of 3.20% just over a year ago. "Households are in for a WORLD OF PAIN. Rather it’ll happen as a result of a bigger labour supply, which will be a drag on inflation," Cunningham says. "Governor Orr: Don’t kill the economy, and inflict even more pain on top of what’s already coming for Kiwi households, just to slay the dragon that little bit faster."

Source: Stuff May 23, 2023 09:28 UTC