Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


OCR unchanged at 5.75 per cent

4 July 2001


The Reserve Bank today left the Official Cash Rate unchanged at 5.75 per cent.

Reserve Bank Governor Don Brash commented: "Inflation pressures since the OCR was reduced to 5.75 per cent in May are largely unchanged.

"The world economy is weak. The short-term outlook for most of our trading partners is deteriorating, although there are better signs in Australia. However, offsetting these factors, most export prices remain high, partly because of the low exchange rate.

"Investment in New Zealand has been relatively weak, but consumer spending has remained relatively robust. Overall, inflationary pressures don't seem to have changed much. In the May 2001 Monetary Policy Statement, we thought these pressures were roughly neutral.

"Many inflation measures are still higher than is consistent with our target, but most of the recent signs suggest inflation will fall back into the target range over the next year or so.

"There are, however, risks. March GDP growth was slightly weaker than expected, although previous quarters were revised up, reducing the impact of the March number. The fact that export volumes have not responded strongly to the low dollar and high world prices may mean that the global slowdown is having more impact that previously thought. Whether these downside risks warrant a further cut in the OCR will be re-examined in the August Monetary Policy Statement," Dr Brash concluded.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news