Major banks say another 25bps rates rise could be on the cards

Average mortgage holders are staring at another average 150bps rate hike this year. (Image: Getty)

Mon, 17 Jul 2023

Westpac says the Reserve Bank of New Zealand could well resume its tightening cycle next month, pushing up the official cash rate another 25 basis points to 5.75% on 'persistent' core inflation and a strong labour market.That, the bank said, will be motivated by consumer price inflation data for the June quarter and labour market report, where there are indicators that the labour market hasn't "cracked yet".That was after the central bank left the benchmark rate untouched at 5.5% at last week's review, the first time s...

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