The RBNZ left the official cash rate on hold at 5.5%, with no rate cuts on the cards this year.
Net migration loss of 8400 people in year to September, with concern about the economic impact.
Westpac predicts 5% OCR and unemployment rising to 4.5%, in latest economic outlook.
Business survey reveals more gloom about the economic outlook.
With hindsight, central bank could have tightened monetary policy earlier in 2021, its monetary policy review found.
Business survey shows OCR predicted to rise by, on average, 65 basis points this quarter.
The Finance Minister said he had full confidence in the Reserve Bank governor.
The RBNZ says a reduction in household spending could have negative flow-on effects for businesses.
The chorus sings louder for a 75bp OCR hike this month.
The rate of unemployment remains at 3.3% in September quarter, while wages increase.