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

 

OCR stable at 5.75 per cent

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

Reserve Bank Governor Alan Bollard commented "The New Zealand economy has shown solid growth over the past year with both domestic and export activity proving robust. Growth over the June quarter of 2002 was a little stronger than we expected.

"However, growth among our trading partners has continued to track at relatively modest levels. This was anticipated to some extent in the Bank's August Monetary Policy Statement, but recent developments in financial markets suggest that any sustained recovery offshore could take longer to occur than previously thought. The soft international backdrop is expected to dampen New Zealand's growth outlook over the coming year.

"Reflecting the balance of these factors, the overall outlook has evolved broadly in line with expectations. Inflation still appears likely to edge downwards over the next year or so. The focus of monetary policy is now on keeping inflation securely within the range mandated in the Policy Targets Agreement on average over the medium term. Given this, the Bank sees no urgency to adjust interest rates at this time. This should assist in ensuring that we also avoid unnecessary instability in output, interest rates and the exchange rate and that economic growth prospects are maximised, given our current outlook," Dr Bollard concluded.

The next OCR announcement comes with the release of the Monetary Policy Statement on 20 November 2002.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Voluntary Administration: Renaissance Brewing Up For Sale

Renaissance Brewing, the first local company to raise capital through equity crowdfunding, is up for sale after cash flow woes and product management issues led to the appointment of voluntary administrators. More>>

Elsewhere:

Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:

Media Mega Merger: Full Steam Ahead For Appeal

New Zealand's two largest news publishers have confirmed they are committed to pursuing their appeal against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>