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Reserve Bank Governor Adrian Orr says targeted government policy could do much more for the property market than monetary policy can. (First published November 2020)
Grant Robertson and the Government were warned in January 2020 that there was a ‘significant’ risk Reserve Bank money printing would push up house prices and deepen inequality. Despite calls from the Reserve Bank that the Government would need to act to blunt the effects of this, nearly 13 months later, nothing has been done. Since March, the Reserve Bank had been printing tens of billions of dollars and pumping it into the economy using something called LSAP (Large-Scale Asset Purchases). The LSAP worked; New Zealand s unemployment rate of 4.9 per cent is well below where economists feared it might be.