RBNZ takes a different approach than Canada and Australia

Reserve Bank governor Adrian Orr says the central bank wanted to "fulfil its remit”. (Image: BusinessDesk)

Wed, 05 Apr 2023

The Reserve Bank of New Zealand not only took a different tack than Australia and Canada, but it went harder than expected. The Reserve Bank of NZ (RBNZ) lifted the official cash rate (OCR) by 50 basis points to 5.25% when it was widely expected to hike by 25 basis points. “Committee members observed that inflation is nevertheless still too high and persistent, and employment is beyond its maximum sustainable level,” according to the record of meeting. Annual inflation was at 7.2% in the December quarter, well above...

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