RBNZ's Gov Orr says the Bank already gives consideration to asset prices

Reserve Bank of New Zealand pushing back against this? From earlier in the session:

• NZ government is considering adding house prices to the RBNZ mandate

Orr writing to finance minister Robertson with the info that the Bank already takes asset prices into consideration. More:

• monetary and financial policies alone cannot solve property issues
• house prices are an important channel that affect inflation
• lower interest rats promote spending, investment

This is very rapid push back from Orr. I don't think he grasps that Arden is very serious on this. Also, the RBNZ has great scope to manipulate macroprudential policy to dampen house price growth.

Orr is not entirely dismissing the idea:

• welcome's the opportunity to contribute to improving housing affordability
• will consider suggestion of how the monetary policy committee could take into account house prices
• will respond with considered feedback in due course

More from earlier:

• NZD is rocketing on the RBNZ house price news
• RBNZ says it will engage constructively on the government proposal it adds a house price remit