Steve Jurkovich: Kiwibank CEO says unexpected Official Cash Rate hike will knock business confidence

Tough times are expected to follow the Official Cash rate hike, which caught many by surprise. The Reserve Bank increased the OCR by 50 basis points to 5.25 percent. Kiwibank Chief Executive Steve Jurkovich says it will be a knock to business confidence and will mean people tightening their belts. But he told Mike Hosking it's balancing out previous extreme trends. Jurkovich says we've had low interest rates for a long time. LISTEN ABOVESee omnystudio.com/listener for privacy information.