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In addition, the Treasury is now also forecasting a lower trajectory for inflation. With CPI inflation expected to be close to the RBNZ’s 2% midpoint by the middle of next year, the forecast for nominal GDP is significantly lower across the forecast horizon – indeed by a cumulative $42.8bn – implying a markedly smaller tax base.
Here's what has been announced.
Reserve Bank leaves Official Cash Rate unchanged at 5.5% and says risks to the inflation outlook are now 'more balanced' but there is a limit to its ability to 'tolerate upside inflation surprises'
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LiveNews Provides news reports of information as it happens in real time of politics, business, the economy and also reports on global issues and events from a New Zealand viewpoint.