Jobs data keep RBNZ on track to cut by 50bps in Feb

RBNZ Governor Adrian Orr. (Image: BusinessDesk)

Wed, 05 Feb 2025

The December quarter jobs data will keep the Reserve Bank on track to cut the Official Cash Rate by 50 basis points to 3.75% this month.Stats NZ on Wednesday said the seasonally adjusted unemployment rate hit 5.1% in the December quarter versus 4.8% in the September quarter. It was a four-year high.It is also above the 25-year average of 4.8%, according to Craigs Investment Partners investment director Mark Lister.The total employment rate was 67.4% versus 69% a year ago and 67.7% in the September quarter. It was the largest annual fall in...

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.

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 }}

On the Money

On The Money: Browns, beards, big cheeses, and more

Recognising the ‘basic little people’ and other little things OTM noticed this week.

Dileepa Fonseka 5:00am

World

The new scramble for Africa

The competition for influence will shape the continent’s future. Will the US join?

The Wall Street Journal 5:00am

Media Opinion

A 100% tariff on movies. What does that even mean?

"We should underestimate Trump at our own peril."

Bloomberg 5:00am

A 100% tariff on movies. What does that even mean?

Sponsored

Ready for the C-Suite leap?

Part-time programme. Full-time leadership transformation.

University of Auckland Business School

Sponsored

Active beats passive in tough times

Agile investing responds faster to market shocks and shifts.

Milford

More Economy

Economy

Westpac adds another rate cut to its forecasts

Westpac Bank now expects the official cash rate (OCR) to trough at 3% and has pushed back the timing of its forecast tightening cycle.“Downside risks from global growth suggest the RBNZ [Reserve Bank of New Zealand] may continue easing beyond May,” chief economist Kelly Eckhold s...

Rebecca Howard 09 May 2025