Reserve Bank keeps official cash rate at 5.5%

The decision was widely expected. (Image: NZME)

Wed, 12 Jul 2023

The Reserve Bank of New Zealand held the official cash rate steady at 5.5% and reiterated it will stay there for “some time”. “The level of interest rates are constraining spending and inflation pressure as anticipated and required,” it said in a statement. The decision was widely expected. It's the first time the RBNZ hasn't lifted the key rate in almost two years.The monetary policy committee said it is “confident” that with interest rates staying at a restrictive level for some time, cons...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Opinion

Simon Robertson: Trump, typhoons, taxes and tariffs

When the typhoon is in force, make money.

Simon Robertson 19 Apr 2025

On the Money

On the Money: New Breakers investor’s new buy, Infratil and more

Victoria Young 19 Apr 2025

Travel

Oz man's top travel tips after 58-hour global trip

He was in hot pursuit of a Guinness World Record.

The Washington Post 19 Apr 2025

Oz man's top travel tips after 58-hour global trip

Sponsored

Bayleys Total Property Issue 3 out now

Backed by Bayleys’ national strength and global reach

Bayleys

Sponsored

Go beyond reporting zero emissions

Clean energy that helps businesses and communities thrive

Meridian Energy

More Economy

Economy

RBNZ assistant governor resigns

The announcement comes just weeks after governor Adrian Orr suddenly quit.

John Anthony 17 Apr 2025

Economy

Annual inflation lifted 2.5% in the first quarter

The lift was a tad higher than RBNZ forecasts.

Staff reporters 17 Apr 2025

Economy

Slight inflation lift won't stop rate cuts thanks to trade war

Most economists expect annual inflation lifted to 2.4% in 1Q.

Rebecca Howard 17 Apr 2025

Primary Sector

TTR files fast-track application to mine Taranaki sand

Seabed mining firm Trans-Tasman Resources has lodged its application to fast-track its project to harvest iron sands off the coast of Taranaki. The firm's parent company, Manuka Resources, told the Australian Securities Exchange (NZX) on Wednesday that the application was lod...

Staff reporters 16 Apr 2025

Reserve Bank keeps official cash rate at 5.5%

More Economy

Your company has a subscription

Team