Reserve Bank rate hikes could grind to halt, says ASB

ASB says card spending data showed consumer spending was 'hardly booming'. (Image: ASB)

Fri, 23 Jun 2023

ASB says recent net immigration flows do not seem to be driving any economic growth and this “less of an inflationary beacon” could mean the Reserve Bank of New Zealand's monetary policy hiking cycle might grind to a halt.Net immigration was a major swing variable in the economy, said ASB’s Mark Smith and Kathryn Shearing in a report from the bank on Friday.But the recent net immigration increase wasn’t “sticking to the script” when it came to boosting the economy.“It’s difficult to discern a...

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