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


FIRST Union: Do Shareholders Realise Marsden Point Conversion Could Cost More Than Half A Billion Dollars?

FIRST Union, the union representing workers at Refining NZ, are querying whether shareholders voting on Friday on whether to convert the Marsden Point refinery to an import-only terminal realise the conversion could cost $650-700 million dollars... More>>

Civil Contractors: Massive Rebound In Civil Construction Business Confidence

New Zealand’s civil construction industry is riding a massive rebound in post-pandemic business confidence – but this may be undermined by skills shortages, which continue to be the industry’s number one challenge... More>>

Energy: Feeling Our Way Towards Hydrogen - Tina Schirr

Right now hydrogen is getting a lot of attention. Many countries are focusing on producing hydrogen for fuel, or procuring it, or planning for its future use... More>>

ASB: New Support Finder Tool Helps Connect Customers With Thousands In Government Support

ASB research alongside benefit numbers from the Ministry of Social Development shows an increased number of Kiwis are struggling financially, and many may not be aware they’re eligible for government support... More>>

Housing: New Home Consents Continue To Break Records

A record 44,299 new homes were consented in the year ended June 2021, Stats NZ said today. “The annual number of new homes consented rose again in the June 2021 year, the fourth consecutive month of rises,” construction statistics manager Michael Heslop said... More>>

Real Estate: June Home Transfers Remain High
There were 44,517 home transfers in the June 2021 quarter, the highest June quarter figure since 2016, Stats NZ said today. The number of home transfers was very similar to the March 2021 quarter and was up 18,252 from the June 2020 quarter... More>>