Reserve Bank hikes OCR by 75bps, peak now seen at 5.5%

Reserve Bank hikes OCR by 75bps, peak now seen at 5.5%
(Image: BusinessDesk)
Rebecca Howard
The Reserve Bank of New Zealand (RBNZ) lifted the official cash rate (OCR) by an unprecedented 75 basis points to 4.25% and its forecasts indicate there’s more to come. The central bank's forward-looking track now sees the OCR peaking at 5.5% in September 2023 versus a prior view of 4.1% in June 2023.“The committee agreed that the OCR needs to reach a higher level, and sooner than previously indicated, to ensure inflation returns to within its target range over the medium term,” it said. Increases of 50, 75 and 1...

More Economy

Business confidence nixes July RBNZ cut
Economy

Business confidence nixes July RBNZ cut

Economists say July is a pause, not the end point.

Monthly CPI tech takes Stats NZ into the future
Economy

Monthly CPI tech takes Stats NZ into the future

Budget funding for new inflation-reporting tech is a giant leap forward, agency says.

Maria Slade 27 Jun 2025
Corporates think NZ 's on the up: Forsyth Barr
Primary Sector

Corporates think NZ 's on the up: Forsyth Barr

The Pulse of NZ Business survey found construction and retail continue to lag.

Gregor Thompson 25 Jun 2025