The Reserve Bank will release its latest decision on the official cash rate (OCR) at 9am on Thursday, with economists expecting no change.
Weaker than expected growth is likely to see the Reserve Bank leave interest rates on hold, with any rises looking increasingly distant.
This is despite maintaining that house prices increases remain "excessive".
Earlier this year, market pricing of financial products tied to interest rates suggested the OCR would probably be increased from the current 1.75 per cent in August.
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A string of weak data in recent weeks has softened expectations, with pricing suggesting the market believes there is a less than 50 per cent chance of any increase this year.
The OCR has a strong influence on the cost of mortgages and the returns on savings in New Zealand.
However, a move towards higher global interest rates, driven by moves in the United States, has caused consumer interest rates to drift higher in New Zealand, even as the OCR stays at a record low.