Podcasts Other The Mike Hosking Breakfast Steve Jurkovich: Kiwibank CEO says unexpected Official Cash Rate hike will knock business confidence

Steve Jurkovich: Kiwibank CEO says unexpected Official Cash Rate hike will knock business confidence

Published: April 5, 2023, 7:34 p.m.

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Tough times are expected to follow the Official Cash rate hike, which caught many by surprise.

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The Reserve Bank increased the OCR by 50 basis points to 5.25 percent.

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Kiwibank Chief Executive Steve Jurkovich says it will be a knock to business confidence and will mean people tightening their belts.

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But he told Mike Hosking it\'s balancing out previous extreme trends.

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Jurkovich says we\'ve had low interest rates for a long time.

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