RBNZ and the Beehive need to be more than fair-weather friends

RBNZ and the Beehive need to be more than fair-weather friends
Adrian Orr had some choice words for the government. (Image: BusinessDesk/Dan Brunskill)
Paul McBeth
The Reserve Bank of New Zealand had some choice words to say about the government’s inflationary fiscal policy, but that policy was not a reason to keep on keeping on with its rate hike programme. Six weeks would have made no difference to the medium-term inflationary outlook given the Reserve Bank of NZ (RBNZ) – as governor Adrian Orr rightly pointed out – has shifted the official cash rate (OCR) dial far and fast since its first hike. Orr was quite correct to say economic conditions in 2023 – where capacity c...

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