RBNZ rate-cut off the cards; coronavirus impact short

RBNZ rate-cut off the cards; coronavirus impact short
Rebecca Howard
The Reserve Bank kept the official cash rate at 1 percent as widely expected, but stripped out any chance of another cut and said it expects the impact of the coronavirus to be relatively short lived.The New Zealand dollar jumped after the statement and recently traded at 64.45 US cents versus 64.07 cents just prior.“We assume the overall economic impact of the coronavirus outbreak in New Zealand will be of a short duration, with most of the impacts in the first half of 2020,” the monetary policy committee said in a statement.Economists had exp...

More Economy

Nearly $2b worth of ANZ mortgages overdue
Economy

Nearly $2b worth of ANZ mortgages overdue

That's up from $1.5b the year prior.

Riley Kennedy 08 May 2024
Weak red meat prices drop ANZCO Foods' profit nearly 60%
Economy

Weak red meat prices drop ANZCO Foods' profit nearly 60%

But, unlike other major processors, it still managed to turn a profit.

Riley Kennedy 07 May 2024
ANZ increases cash profit as net interest margins get squeezed
Economy

ANZ increases cash profit as net interest margins get squeezed

ANZ New Zealand has reported a 4% increase in its half-yearly profit despite pressure squeezing its margins.The bank's cash profit increased to $1.15 billion in the six months to March, up from $1.1b in the same period last year, but stable compared to the second half of its...

Riley Kennedy 07 May 2024
Beyond the headlines: Jobs data points to a divided NZ
Economy

Cameron Bagrie: Beyond the headlines: Jobs data points to a divided NZ

Greatest challenge is the pressure jump in joblessness puts on society and economy.

Cameron Bagrie 07 May 2024