HSBC brings forward RBNZ and RBA rate hike forecasts to late 2026

Economic weakness prompted the RBNZ to slash rates by 325 basis points in a little over a year, HSBC says. (Image: Getty)

John Anthony

Fri, 12 Dec 2025

HSBC Bank’s chief economist has shifted his view on when the Reserve Bank of Australia (RBA) and Reserve Bank of New Zealand (RBNZ) may need to begin their next interest rate hiking cycles, and now believes Australasia may lead the next global tightening phase.New Zealand’s Official Cash Rate (OCR) is 2.25%, after a 25bp cut by the RBNZ late in November. Australia’s cash rate set by the RBA is 3.60%, unchanged at recent meetings.This week, both Westpac and the Co-operative Bank increased long-term mortgage rates by around 30 b...

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