News
RBNZ eyes 'withdrawing [more] monetary stimulus,' uncertain over neutral OCR
1+ hour, 47+ min ago (1002+ words) After increasingg the Official Cash Rate (OCR) for the first time since May 2023, members of the Reserve Bank's Monetary Policy Committee (MPC) say there's uncertainty about where the neutral OCR currently sits. On Wednesday, the Reserve Bank's (RBNZ) six-member MPC…...
Economists predict OCR could hit 3% by the end of 2026
15+ hour, 43+ min ago (1197+ words) Bank economists were either crowing or shaking their heads at the Reserve Bank (RBNZ) following its decision to hike the Official Cash Rate (OCR) for the first time in three years. However, all are in agreement that more OCR increases…...
Reserve Bank raises OCR to 2. 50% from 2. 25%, hints at more hikes
19+ hour, 41+ min ago (1670+ words) The Reserve Bank (RBNZ) has raised the Official Cash Rate (OCR) to 2. 50% from 2. 25%, saying that although oil prices have fallen, the effects of the oil shock will linger for some time. The RBNZ's six-member Monetary Policy Committee (MPC) reached consensus…...
NZIER's "shadow board' sees line-ball call in OCR review
2+ day, 19+ hour ago (661+ words) The New Zealand Economic Research (NZIER) is expecting another "line-ball" Official Cash Rate (OCR) call from the Reserve Bank (RBNZ) on Wednesday. But the NZIER's "shadow board' is split on which way they think the RBNZ should vote at the…...
New Zealand economy set to outperform Australia
3+ day, 2+ hour ago (239+ words) Summary of key points: - In complete contrast, the Reserve Bank of Australia (RBA) determined (only three months later) that their inflation rate was not under control and too far above their 2. 50% target, therefore they hiked interest rates three times in…...
Will the RBNZ 'get a hike under the belt' or 'give the economy breathing room?"
4+ day, 3+ hour ago (1407+ words) Bank economists are split on whether the Reserve Bank (RBNZ) will raise the Official Cash Rate (OCR) on Wednesday or hit the pause button for the fourth review in a row. The July Monetary Policy Review (MPR) is out on…...
Breakfast briefing: US data weakens sharply
6+ day, 2+ hour ago (1047+ words) Here's our summary of key economic events overnight that affect New Zealand, with news of a surprisingly weak American jobs report for June. There is no World Cup bounce there. And economists are divided over whether Federal Reserve policymakers will…...
Cotality says the median dwelling value is slowly drifting downwards
1+ week, 10+ hour ago (275+ words) Residential property values slipped slightly lower in June, according to property data company Cotality. The national median value of dwellings was $806, 512 in June according to Cotality's Home Value Index. That's down 0. 2% compared to May, down 0. 8% compared to March, down 0. 9% compared…...
ASB makes its interest rate moves
1+ week, 1+ day ago (386+ words) ASB has tweaked some fixed home loan rates, essentially matching its main rivals with the new levels they have settled on. These changes mean ASB's advantage for a 6 moth fixed rate has vanished now. Their new 18 month rate is the…...
Breakfast briefing: Oil prices hold despite rising Gulf tensions
1+ week, 3+ day ago (1305+ words) Tankers (6), bulk cargo vessels (6) and other ships (4) are exiting the region, but most tankers are are heading to China, or in the Russian shadow fleet. Those who need insurance are holding back. But first, this week will feature the usual…...