Is the Reserve Bank's hiking cycle over?

Some economists think there are more hikes to come. (Image: NZME)

Thu, 25 May 2023

The Reserve Bank of New Zealand (RBNZ) signalled the current hiking cycle is over, but not everyone is convinced. “The committee agreed the level of interest rates is constraining spending and inflation pressure,” the central bank said, after lifting rates by 25 basis points to 5.5%.Its forecasts show rates remaining around 5.5% for at least a year, with rate cuts pencilled in from the second half of 2024.“The OCR will need to remain at a restrictive level for the foreseeable future, to ensure that consumer price inflatio...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets Market Close

NZ sharemarket falls over 1%

The S&P/NZX 50 Index closed at 156.22 points, or down 1.16%.

Graham Skellern 6:05pm

World

US Fed official backs further rate cut due to weak job market

Fed Governor argued that lowering rates further is a matter of "risk management.

AFP 4:10pm

US Fed official backs further rate cut due to weak job market

Markets

Serko swells in India, GetThere adds $8.8m revenue

CEO says result is strongest ever as shares soar more than 8% in early trading.

Rebecca Stevenson 11:15am

Serko swells in India, GetThere adds $8.8m revenue

Sponsored

Cybersecurity skills gap leaving Kiwi businesses at risk - report

A cybersecurity skills shortage is creating additional cyber risks, according to a new global report.

Fortinet

Sponsored

Spark’s partner strategy sets the bar for innovation

Spark

More Economy

Economy

No obstacles to RBNZ rate cut next week

The RBNZ is expected to cut the OCR to 2.25% and leave the door open for more.

Rebecca Howard 5:00am

Economy

Food prices lift 4.7% in 12 months to October

Food prices increased by 4.7% in the 12 months to October, although they fell for the second consecutive month, down 0.3% due to lower vegetable prices.Higher prices for the grocery food group were the largest contributor, up 4.9% on an annual basis, while meat, poultry and fish...

Staff reporters 17 Nov 2025