Shane Oliver Slowing Quotations

Rising fuel prices will keep a lid on consumer spending for some time, slowing economic growth. The central bank will keep interest rates on hold.

We need other areas to fill the hole left by slowing consumer spending. Luckily mining investment and exports are increasing, which will help plug the gap.

Slowing housing, weak consumer spending and benign underlying inflation give the bank plenty of reasons to leave interest rates right where they are. Fuel prices are up, but thanks to an extremely competitive retail environment and cheap imports, prices for a whole range of items remain weak.

The housing market remains in the doldrums. With the housing market still slowing and households under pressure from high petrol prices, interest rates will remain on hold.