New Zealand's central bank is vacating its Wellington headquarters for about three months to remediate asbestos issues.
The Reserve Bank issued a dramatic monetary policy statement on Thursday, signalling it had accepted the economy had slowed, but some banks don’t believe the bluster, Thomas Coughlan reports
Concerns about New Zealand's slowing economy trumped signs of emerging inflation for the central bank after Reserve Bank governor Adrian Orr said he expects to keep the official cash rate on hold for at least a year longer than previously forecast.
Reserve Bank governor Adrian Orr kept the official cash rate at 1.75 percent as widely expected but said he now expects to keep rates on hold for at least a year longer than previously thought and reiterated the next move could be up or down.
The Reserve Bank has just extended the low interest rate track for another year until well into 2020.
As a chorus of voices urges the Government to drop its self-imposed debt limit, Thomas Coughlan discovers that the ratings agencies would be relaxed about higher debt.
The key events in our political economy this week included still-low inflation figures keeping interest rates on hold for at least another year, house price inflation bubbling along outside of Auckland and Christchurch and worsening a productivity problem, the re-emergence of a debate over whether councils should collect and spend income and consumption taxes, and Donald Trump's tearing up of the American-led post-war order that is forcing Europe and others, including ourselves, to look for alternative trade and security partners.
New Zealanders see an affordable house price as being almost $200,000 cheaper than a KiwiBuild house in Auckland. China wants New Zealand to correct its "wrong statements" about China's activities in the Pacific. The economy continues to show signs of cooling ahead of key inflation figures next week.
The Reserve Bank expects big lenders who have been allowed to use their own models to measure their risk exposure will need to dig a little deeper if it goes ahead with plans to introduce a standardised reporting regime. Paul McBeth reports.
There is a new broom at the head of New Zealand's central bank, and he's planning to shift the mindset of the institution towards better embracing the rich cultural diversity of the country.