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13.02.2019 15:00

RBNZ leaves cash rate unchanged, and said the direction of next cash rate move could be up or down

  • we expect to keep the OCR at this level through 2019 and 2020.

  • employment is near its maximum sustainable level.

  • core consumer price inflation remains below our 2 percent target mid-point, necessitating continued supportive monetary policy.

  • sees annual CPI 1.7 pct by march 2020

  • keep cash rate expansionary for considerable period

  • risk of a sharper downturn in trading partner growth has heightened

  • upside and downside risks to inflation

  • despite the weaker global impetus, we expect low interest rates and government spending to support a pick-up in New Zealand’s GDP growth over 2019.

  • low interest rates, and continued employment growth, should support household spending and business investment.

  • government spending on infrastructure and housing also supports domestic demand.

  • we will keep the OCR at an expansionary level for a considerable period to contribute to maximising sustainable employment, and maintaining low and stable inflation.


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