Acting governor Grant Spencer reveals what was behind the Reserve Bank's decision.
The Reserve Bank today left the Official Cash Rate (OCR) unchanged at 1.75 percent. Global economic growth has continued to improve in recent quarters. However, inflation and wage outcomes remain subdued across the advanced economies and challenges remain with on-going surplus capacity. Bond yields are low, credit spreads have narrowed and equity prices are near record levels. Monetary policy is expected to remain stimulatory in the advanced economies, but less so going forward
The bank says around a third of its business now comes from advisers and chief executive Shaun Drylie gives his views on commission models.
The Reserve Bank today left the Official Cash Rate unchanged while saying major challenges remain.
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The Reserve Bank’s decision to hold the OCR at 1.75% was expected, but economists are surprised at its projection the OCR will remain on hold until late 2019.
An official cash rate cut this week would come as a major surprise to all economists.
ANZ's operations in New Zealand have reported a 24 per cent increase in profit in the first half of the financial year, to $928 million.
It seems that locally owned banks rule the roost when it comes to customer satisfaction, with three New Zealand banks taking out the top awards in Consumer NZ’s latest awards.
Concerns over the activities of brokers at Brilliant Finance Ltd have led Mortgage Express to cut their ties with them and go to the Financial Markets Authority (FMA).
Recent increases in mortgage rates are set to continue, but this will help ease the risks house price inflation poses to New Zealand banks, Standard & Poors says.