Due to Global Economic Crisis, Prime Minister John Key has announced today that an employment summit will be happening next month as one of the economic initiatives the Government will implement.
In a press conference, Mr. Key said the Summit would be held in Auckland and would be chaired by a public sector representatives.
The government would be taking a number of initiatives to focus on the economy, but it would be a balancing act, he said.
On the other hand,Mortgage interest rate cuts like those announced by ANZ National Bank today may not stimulate demand for home loans because borrowers are worried about their jobs.
ANZ and National Bank, the country's biggest bank, is cutting its two-year fixed rate to 7 percent and its three, four and five-year fixed rates to 7.10 percent. The yield curve of its fixed-rate mortgage products has flattened.
Industry observers said the moves brought the bank's brands into line with other lenders and reflected falls in the wholesale interest rate swap market.
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