Expect 150bps 'average' rate rise next year, says Westpac

Expect 150bps 'average' rate rise next year, says Westpac
New Zealanders now saving close to 1% of their disposable incomes, half that of a year ago. (Image: Depositphotos)
Staff reporters
Westpac says the true impact of interest rate hikes is still to be felt, with the average New Zealand household having absorbed an average rise of 120 basis points to date, compared to the 525bps rise to the official cash rate (OCR) since late 2021.That's because about 90% of NZ mortgages are fixed for a period, making the pass-through rate of rate hikes gradual. But in its economic bulletin on Monday, the Australian-owned bank says that with about half of all mortgages due to come up for repricing over the coming year, the average rat...

More Finance

Port of Auckland to pay $45m special dividend to council
Finance

Port of Auckland to pay $45m special dividend to council

The divestment proceeds will be used to top up the Auckland Future Fund.

Oliver Lewis 27 Jun 2025
$600m in tourist spend at risk from regulation: Mastercard
Finance

$600m in tourist spend at risk from regulation: Mastercard

When Europe cut interchange fees, foreign card decline rates soared.

Pattrick Smellie 27 Jun 2025
Michael Lorimer exits Grant Samuel amid more sector change
Finance

Michael Lorimer exits Grant Samuel amid more sector change

Lorimer has sold his 80% stake in the corporate advisory firm.

Duncan Bridgeman 26 Jun 2025