The Bank of the New Zealand Reserve has left the Official Cash Rate (OCR) unchanged at 0.25%, as expected.
Key comments in your monetary policy statement:
The large-scale asset purchase program remains at NZ $ 100 billion.
Funding for the loan program has not changed.
You are prepared to reduce OCR if necessary.
The monetary stimulus continued.
It will maintain the current currency configuration until it is confident that inflation and employment targets will be met.
Economic activity in New Zealand slowed down during the summer months.
Planned travel arrangements to Trans-Tasmania should support income and employment.
Inflation and employment in the medium term would likely remain below their competition targets in the absence of prolonged monetary stimulus.
It will take a while to see the extent of the dampening effect of new government housing policies on house price growth.
The outlook remains very uncertain.
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