Statement by Reserve Bank Governor Adrian Orr: Tena koutou, katoa, welcome all. The Official Cash Rate (OCR) will remain at 1.75 percent for some time to come. The direction of our next move is equally balanced, up or down. Only time and events will tell.
Kapiti's mayor has defended a proposed rate increase that tops the Wellington region, by accusing other councils of "eating" their own future. Other mayors, however, say they're quite happy with their lower percentage increases. As of this week, all nine councils in the region have begun consultation on proposed rate increases for the next billing year, starting in July.
The Reserve Bank will release its latest decision on the official cash rate (OCR) at 9am on Thursday, with economists expecting no change.
New Zealanders can expect higher home loan interest rates, and more pressure on house prices, thanks to Donald Trump's victory in the US presidential election.
The Reserve Bank has cut the official cash rate (OCR) to a new all time low, but the banks seem unlikely to pass any saving to borrowers.
ASB has increased the interest rate charged on a number of its longer-term mortgage rates.
Recent migrants to New Zealand are sharing rooms with strangers to save money in Auckland. Most advertisements seeking flatmates in Auckland for what would be considered cheaper rent, under $130 per week, are for spaces with two single beds, in a sparse bedroom or curtained-off corner of a communal living area.
In a further effort to slow the mad housing market, the Reserve Bank is going to put limits on how much investors can borrow and has also re-tightened limits on how much banks can lend to people with house deposits under 20 per cent.
The Reserve Bank's head of economics has not ruled out the official cash rate (OCR) falling to zero "but I don't think we're going to get there". In an interview with Radio New Zealand, assistant governor Dr John McDermott, the bank's head of economics was asked what the bank would do to stoke inflation.
The Reserve Bank has cut the official cash rate (OCR) to a new all time low of 2.0 per cent, but borrowers are set to see little saving. Governor Graeme Wheeler lowered the benchmark rate by 0.25 percentage points, saying the New Zealand dollar needed to come down.