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Economists ponder sub-3% OCR amid global trade turmoil
Jonathan Mitchell
Thu, 10 Apr 2025
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Vehicle movements reinforce slower economic recovery
ANZ’s monthly measure of vehicle movements suggests further volatility and reinforces a slower economic recovery.
The Truckometer’s light traffic index was up just 0.1% in March, while the more volatile heavy traffic index fell 2.1% last month.
Light traffic – motorbikes, cars, and vans – provides a six-month lead on the economy, and the trend was “mildly upward”, while heavy traffic – mostly trucks – gives a more immediate picture.
Yesterday, the RBNZ cut the official cash rate by 25 basis points to 3.5%. It left the door open for further rate cuts. Economists have pondered multiple rate cuts this year to support the local economy amid the trade tariff ructions in the United States.
South Auckland scammers who ran a pyramid scheme plead guilty
Two South Auckland women have pleaded guilty to charges relating to a pyramid scheme that preyed on the Pasifika community.
The Commerce Commission took Frances Saimone and Patricia Pousini to court after they recruited at least 240 people into a cash-based gifting scheme called ‘6K Gifting Co-operative’, which promised returns of up to $6000.
The scheme played on the tradition of gifting in Pasifika communities, and it is estimated that between $225,000 and $336,750 was invested into it, although the regulator said it might be more.
Saimone, who was the overall leader of the scheme, pleaded guilty in the Manukau District Court and was fined $33,306 for her involvement and was ordered to pay reparation of $1500 between two of the victims.
Pousini, who was a key promoter, was fined $10,200 for her involvement.
Another man, Feleti Halafihi, was also found guilty and fined $9000 after he refused to meet with the regulator to provide information about the scheme.
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