RBNZ has no plans to slow down hiking cycle

Reserve Bank governor Adrian Orr has his foot on the hiking pedal. (Image: Getty)

Wed, 17 Aug 2022

New Zealand’s central bank lifted the official cash rate (OCR) by another 50 basis points to 3% and signalled more to come. “Core consumer price inflation remains too high and labour resources remain scarce,” the monetary policy committee said. It agreed to continue increasing the OCR “at pace to achieve price stability and to support maximum sustainable employment”.The monetary policy committee said further increases would be required to meet the bank’s remit objectives. It did discuss whether...

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Politics

Govt reshuffle: Lee demoted, Simmonds loses portfolio

Melissa Lee has been stripped of her media and communications portfolio and dropped from the cabinet, prime minister Christopher Luxon announced today.He has given Paul Goldsmith the portfolio after Lee was widely criticised over her public handling of the numerous issues facing...

Staff reporters 1:20pm

Economy