Reserve Bank governor Adrian Orr said, “We expect to keep the OCR at this level through 2019 and into 2020.”
But the central bank again left the door open for an interest rate cut with its statement that the next OCR move could be up or down.
In May, the central bank said that the cash rate will remain at 1.75 per cent “for some time to come.” The rate has been on hold at 1.75 per cent since the end of 2016.
“There’s no rush to be moving,” Governor Orr said in August after the last decision “We’re comfortable where we are, We will do what central banks do best – watch, wait and worry,” he said.
Since the RBNZ last met in early August, we’ve learnt that New Zealand economic growth surged in the June quarter, lifting by 1%, the fastest increase in two years.