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- Reserve Bank of New Zealand leaves cash rate at 1%
Reserve Bank of New Zealand leaves cash rate at 1%
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RBNZ forecasts for the OCR show they do not expect to cut this year at all
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Sees official cash rate at 1.01% in June 2020 (previous 0.9%)
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Sees official cash rate at 1.03% in March 2021 (previous 0.9%)
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Sees official cash rate at 1.1% in June 2021 (previous 0.94%)
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Overall impact of coronavirus on New Zealand will be of a short duration
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Risks that impact will be larger and more persistent
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Low rates necessary to keep employment and inflation around target
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economic growth expected to accelerate over second half of 2020
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Employment is at or slightly above its max sustainable level
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Inflation close to 2% mid point
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Committee agreed low interest rates had helped to get employment and inflation to around their target levels
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Committee discussed financial stability risks from ongoing low rates
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Members noted the bank's assessment that marginal changes to the ocr would not materially affect these risks at this time
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Members discussed the better mix of policy stimulus in the projections, given additional fiscal stimulus is reducing the burden on monetary policy
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Committee discussed alternative cash rate settings and the various trade-offs involved
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