A Taranaki business owner is warning leaseholders to read the fine print of their contracts after being asked to pay his rent in full despite a clause in his lease allowing for a rent cut if he couldn't legally access the property.
Clause 27.5 was included in the Auckland District Law Society commercial lease in 2012 in response to the Canterbury earthquakes, when many leaseholders were barred from their businesses.
RNZ reporter Robin Martin has more.
The Reserve Bank has cut its benchmark interest rate, to support the economy against the impact of the Covid-19 virus. The central bank cut its official cash rate to 0.25 percent from one percent. Governor Adrian Orr says the cut is necessary to support businesses and employment. The last time the Reserve Bank made such a big cut was in March 2011 after the Canterbury earthquake. Last week, the bank outlined a range of unconventional monetary policy tools such as negative interest rates, special loans to banks, and buying bonds to put money into the economy. Cameron Bagrie is an independent economist. He speaks to Susie Ferguson.
