Reserve Bank keeps official cash rate at 5.5%

The decision was widely expected. (Image: NZME)

Wed, 12 Jul 2023

The Reserve Bank of New Zealand held the official cash rate steady at 5.5% and reiterated it will stay there for “some time”. “The level of interest rates are constraining spending and inflation pressure as anticipated and required,” it said in a statement. The decision was widely expected. It's the first time the RBNZ hasn't lifted the key rate in almost two years.The monetary policy committee said it is “confident” that with interest rates staying at a restrictive level for some time, cons...

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 dips despite strong US, Australian gains

The S&P/NZX 50 Index closed down 25 points or 0.19%.

Jamie Gray 6:14pm

Technology

Substack prances to 'unicorn' status

Substack raise sees it valued at more than US$1 billion.

Staff reporters 4:29pm

The Quiz Free

QuiznessDesk, Friday, July 18

Can you get them all correct without cheating?

The Quizmaster 9:15am

Sponsored

Global real estate without the passport or paperwork

A global ETF offers access to income-generating real estate like data centres, healthcare and logistics warehouses – all in New Zealand dollars.

Blackrock, Smart Invest

Sponsored

‘Make Today the Day’: Why on-the-job training is the key to NZ’s service recovery

Covid gutted New Zealand’s service workforce. Training is the fix – and the future.

ServiceIQ

More Economy

Economy

Food prices rise 4.6% in the year to June

New stats show food prices rose 4.6% in the year to June – the largest rate of increase since late 2023.That was up from a 4.4% increase in the year to May, Stats New Zealand’s latest selected price indexes show.Rising prices for fruit and vegetables in June have contributed to a...

Staff reporters 17 Jul 2025