RBNZ kicks off hiking cycle with first increase in 7 years

Economists widely expect more hikes to come.

Wed, 06 Oct 2021

Times just got tougher for mortgage holders as banks swiftly moved to lift their home loan rates in the wake of the Reserve Bank of New Zealand’s (RBNZ) first rate increase in seven years.The RBNZ lifted the official cash rate (OCR) by 25 basis points to 0.5% and said “it is appropriate to continue reducing the level of monetary stimulus so as to maintain low inflation and support maximum sustainable employment”.The move was widely expected, and banks reacted swiftly.Kiwibank said its variable lending rates would lift 25 basis...

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Markets Market close

NZ sharemarket down 1.13% for the week

The S&P/NZX 50 Index closed at 11,796.21, down 39.83 points or 0.34%.

Graham Skellern 6:15pm

Law & Regulation

Two new judicial appointments

Attorney general Judith Collins reveals new judges for high court and court of appeal.

Staff reporters 3:15pm

Economy

Fast-track ‘stakeholders’ list released

Major corporates including Carter Group and Fonterra are on the list.

Victoria Young 2:30pm

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Boosting rural growth with innovation

Productivity and sustainability go hand in hand for the rural sector

ASB Scam Update

Sponsored

Auckland's new "Midtown" taking shape

5-star hybrid workspaces, combined with the City Rail Link, are creating a revitalised inner-city zone designed to motivate workers back to the office.

Alberts