Reserve Bank of New Zealand takes the rate to 3.5% from 3.0%
The RBNZ says its committee debated a +75 or +50 hike.
- Committee members agreed monetary conditions needed to continue to tighten until inflation back in target range
- Core consumer price inflation is too high and labour resources are scarce.
- The level of domestic spending has remained resilient to date,
- Household balance sheets remain resilient despite the fall in house prices.
New Zealand's productive capacity still being constrained by labour shortages and wage pressures are heightened
The RBNZ showing themselves not as timid as the Reserve Bank of Australia is.