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Economics
5 mins to read
1

Will 2024 deliver rate hikes, cuts, both?

OCR cuts possible from later this year, with Donald Trump set to shape year ahead in politics.

WATCH: BNZ chief economist Mike Jones speaks with Jonathan Mitchell.

Jonathan Mitchell Sun, 07 Jan 2024
Key points
  • What’s at stake: Whether the RBNZ needs to hike the official cash rate again in 2024 because of stubborn inflation pressures. 
  • Background: The NZ economy contracted by a surprise 0.3% in the September quarter, with revisions to other quarters. The central bank kept the OCR at 5.5%, as widely expected, in November. But it said it had a "willingness" to hike again, if needed.
  • Key players: RBNZ, Adrian Orr, Stats NZ, BNZ, Mike Jones, ASB, Nick Tuffley, Donald Trump, Joe Biden.

New Zealand’s economy is expected to “shuffle” through 2024, as higher-for-longer interest rates put pressure on businesses and households.

The RBNZ warned late last year that it had a “willingness” to raise the official cash rate again from the current peak of 5.5%, if needed, because of

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Jonathan Mitchell Sun, 07 Jan 2024
Contact the Writer: jmitchell@nbr.co.nz
News tip? Question? Typo? Let us know: editor@nbr.co.nz
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Tags
Mike Jones BNZ Economy Outlook 2024 OCR RBNZ Unemployment Business consumer spending recession ASB Nick Tuffley
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Key points
  • What’s at stake: Whether the RBNZ needs to hike the official cash rate again in 2024 because of stubborn inflation pressures. 
  • Background: The NZ economy contracted by a surprise 0.3% in the September quarter, with revisions to other quarters. The central bank kept the OCR at 5.5%, as widely expected, in November. But it said it had a "willingness" to hike again, if needed.
  • Key players: RBNZ, Adrian Orr, Stats NZ, BNZ, Mike Jones, ASB, Nick Tuffley, Donald Trump, Joe Biden.
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Will 2024 deliver rate hikes, cuts, both?
Economics,
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