Home loan stress rising

Finance Minister Michael Cullen looked at tax cuts worth more than a wk
But Treasury said it couldn’t be done without going into operating deficit
Roy Morgan research shows that 22% of people with home loan are in mortgage stress — That’s more than 35-40%
Extreme stress 35-40% on interest alone
Up from 85,000 in 2002 to 147,000 last year
Dow fell 3.6% last week, oil at 5/bbl
This week overseas trade, National Bank business confidence, building stats
ace anel
Oil at US5/bbl
Petrol at /litre
IEA cuts oil supply forecast
US oil inventories drop

Panel 2
Ford cuts output
SUV sales collapse
Budget reaction
NZ$, rates rise
OCR cut later
Maybe after election

Oil price hit US5 a barrel and petrol price hit a litre
IEA is revising down its supply forecasts
US inventories drop sharply
Ford announces cut in output
SUV market share in US down to 4%
Back home, the Budget received a thumbs down from the market
Economists say it will delay an interest rate cut, possibly until December
After the election