And so here we have it – the latest fiscal update from The Treasury Department.
Not only is it the cost of living crisis with surging food prices, fuel prices, and rents, but now we know that these huge interest rate increases are affecting so many households.
“Higher interest rates have also meant a greater portion of consumers incomes has been directed towards debt servicing costs. The Reserve Bank estimates that NZ households with mortgages will need to, on average dedicate 22% of their disposable income to service interest costs by the end of 2023, up from a low of 9.5% of income in the September 2021 quarter.
So to hear the unelected caretaker PM, Chris Hipkins, say the current Labour government has created better outcomes for NZ is simply a blatant electioneering lie.
No wonder Grant Robertson is low down on the List at the October election as he knows only to well whats coming.
Robertson will be like Ardern – gone, never to be seen again.
*Figures sourced from The Treasury