Tag: bank of new zealand

OCR Rises By 50 Basis Points

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In a further attempt to keep inflation down, the Reserve Bank of New Zealand (RBNZ) has announced a new hike to the Official Cash Rate (OCR) by 50 basis points. This brings the OCR to 4.75%, with some economists predicting that it will peak at 5%. This is the highest…

NZ Dodges Recession with Strong Economic Growth

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The New Zealand economy grew by 1.7% during the June quarter, confirming that the country has managed to defy the odds and not go into a recession. This has been a positive result following a poor showing in the March quarter that saw the economy decline by 0.2%. Financial experts…

Top NZ Banks Lower Home Loan Rates

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Over the last few days, three of New Zealand’s top banks have announced a reduction in their home loan rates. All this while multiple central banks across the world hike interest rates in an attempt to tame inflation. ANZ, BNZ, and Westpac have all recently slashed their home loan rates,…

Inflation Hits Highest Level in Three Decades

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A report by Statistics New Zealand has found that the consumer price index (CPI) has risen 7.3% in the second quarter of the year, up from 6.9% in the first quarter. This is the fastest increase on record since June 1990 when the CPI rose by 7.6%. The CPI rose…

RBNZ Hikes Benchmark Interest Rate To 2.5percent

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In another attempt to control inflation, the Reserve Bank of New Zealand (RBNZ) has raised the benchmark interest rate by half a percentage point to 2.5%. This is the third time this year, following similar hikes in April and May, that the RBNZ has raised the official cash rate by…

Combating Financial Crimes in New Zealand

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In a move targeted at unveiling corporate secrecy that has seen companies and trusts act on behalf of shadowy foreign figures, the New Zealand government has committed to the establishment of a public beneficial ownership register. The register had been earlier proposed by the Ministry of Business, Innovation and Employment…

Buy Now, Pay Later Services Come Under Fire

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Consumer NZ is advocating for better credit regulation of the buy now pay later (BNPL) sector to avoid vulnerable consumers becoming at risk of falling into a spiral of debt. Head of campaigns, Gemma Rasmussen, has said that sensible regulation was needed to protect users from irresponsible lending. Her sentiments…

Research Shows Cash Hoarding On the Rise in New Zealand

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According to research done by the Reserve Bank of New Zealand (RBNZ) – Te Pūtea Matua, there has been a significant dip in the number of people using cash for everyday purchases. The survey found that just two-thirds of Kiwis were actively using cash daily, compared with nearly the entire…

Government Tightens Lending Rules To Curb Housing Crisis

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The steep increase in New Zealand property prices has led to a housing crisis. Market figures indicate prices have risen by about 30% over the last year due to record-low interest rates and cheap access to capital thanks to the government’s stimulus spending. With more Kiwis returning home due to…