RBNZ Governor Orr press o=confernce following the rate hike earlier. Read from the bottom up for the chronology:
- RBNZ Governor Orr Monetary policy media conference - live link
- RBNZ minutes indicate a split decision on rate hike
- RBNZ says that Businesses reporting lack of demand the main constraint on activity
- NZD marked significantly lower following the RBNZ 25bp rate hike
- RBNZ raise its cash rate by 25bp
Orr:
- latest data is satisfactory
- its been a long battle
- today was the first time the monetary policy committee went to a vote over the decision
- outlook for fiscal spending is contractionary on demand
- expects to keep a restrictive monetary policy for some time
- forecast is that the surge in immigration will ease off
- no longer about labour shortage, its now about demand shortage
RBNZ chief economist Conway:
- labour market is becoming less pressured
