Key Headlines From RBNZ's July Monetary Policy Meeting

• Published on
• 09 Jul 2025, 12:10 PM

--RBNZ keeps rate unchanged at 3.25%; consensus reached

--Expects to cut OCR in line with central projection, subject to inflation easing in line with central projection

--Debated 25bps cut and hold.

--Hold decided because of the benefit of waiting until August due to near-term inflation risks
--Heightened uncertainty and tariffs expected to slow domestic growth
--Domestic financial conditions continue to ease. The average interest rate on mortgage stock expected to decline further.