The latest Reserve Bank of New Zealand Bulletin
In brief (bolding mine ... RBNZ not seeing much inflation pressure...):
- the current economic expansion since 2009 has unique characteristics
- in part been shaped by the Canterbury rebuild
- the rebuild itself has been less inflationary than the Reserve Bank initially feared
- This current expansion also includes the largest net immigration cycle (as a share of working age population) since at least the late 1970s, but the consequences for inflationary pressure appear more muted than in the past.
- Productivity growth has been weak
- Continued decline in the estimated neutral interest rate since the Global Financial Crisis
- Household consumption appears less responsive to increased housing wealth than during the previous expansionary period
NZD continues to slide, updates:
