Year in Review: 2019 a turbulent time for New Zealand's economy

Source: 1News

It was a turbulent year in 2019 for the economy, both in New Zealand and overseas. 

The Official Cash Rate has stuck to just one per cent, and the banks have followed suit, slashing interest rates to more record lows, 1 NEWS political expert Katie Bradford explained.

While low interest rates hit savers, it was good for home buyers as Auckland’s housing market began to pick up. The rest of the country boomed, with house prices and rents skyrocketing throughout the regions.

Commissions and luxury sales incentives for staff were also banned, while fuel companies started to feel the heat as petrol prices fluctuated.

Watch the video above to find out how the economy could fair in 2020.