RBNZ hikes its cash rate by 50bp as expected

RBNZ takes the Official Cash Rate to 3% from 2.5%

RBZN projections for the path ahead:

  • sees OCR at 3.69% in December this year (up from its previous projection at 3.41%)
  • sees OCR at 4.1 in September 2023 (from 3.95%)
  • sees OCR at 4.1% in December 2023 (from 3.95%)
  • sees OCR at 3.65% in September 2025

On the currency, sees the NZ dollar TWI around 71.7 in September 2023 (prior was 71.8))


  • Conditions need to continue to tighten
  • Core consumer price inflation remains too high and labour resources remain scarce
  • Range of indicators highlight broad-based domestic pricing pressures

RBNZ Governor Orr new conference is next, due at 0300 GMT:

Reserve Bank of New Zealand Governor Orr
Go to top