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- Reserve Bank of New Zealand (RBNZ) kept the official cash rate (OCR) at 1.75% as expected
Reserve Bank of New Zealand (RBNZ) kept the official cash rate (OCR) at 1.75% as expected
RBNZ says next rate move is likely down
Balance to inflation risks have shifted to downside
Employment is near its maximum sustainable level
Core consumer price inflation remains below our 2 percent target mid-point, necessitating continued supportive monetary policy
Global economic outlook has continued to weaken
Domestic growth slowed in 2018, with softness in the housing market and weak business investment contributing
We expect ongoing low interest rates, and increased government spending and investment, to support economic growth over 2019
Balance of risks to this outlook has shifted to the downside
inflation could rise faster if firms pass on cost increases to prices to a greater extent
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