RBA keeps interest rates on hold, giving a cooling economy the benefit of the doubt
6 years ago

RBA keeps interest rates on hold, giving a cooling economy the benefit of the doubt

ABC  

The Reserve Bank has given the Australian economy the benefit of the doubt, leaving interest rates on hold despite mounting evidence of a serious slowdown. Key points: RBA maintains the economy is strong, supported by business investment and government spending Reiterates its forecast for 3pc growth this year Main risks to the economy are weak household income and falling house prices The RBA last moved in August 2016 when it cut its cash rate to 1.5 per cent, an historic low. Only last month the RBA cut its forecast for GDP growth to 2.4 per cent for the year to June 2019, having in November forecast a much more robust, above-trend 3.2 per cent. "The sheer number of spot fires across the Australian economy — which includes core inflation well below its target and falling house prices — has created an environment where cutting rates may be the most prudent course to take," Mr Pickering said. Mr Tharenou said he expected the economy slowed to annual growth of 2.4 per cent, well below the RBA's forecast, and raised the risk of an earlier than expected cut.

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History of this topic

Has Australia's economy turned the corner? Angus Taylor has a warning
2 weeks, 5 days ago

Has Australia's economy turned the corner? Angus Taylor has a warning

ABC  

Economists say Australia has turned a corner. Last week, he said labour productivity was still "disastrous" in Australia and the purchasing power of our wages had deteriorated "disastrously" since Labor won the election in 2022. By the time the 2022 election was held, the "real" value of our wages had already deteriorated so much that our wages were buying less …

RBA delivers first rate cut since 2020
1 month, 1 week ago

RBA delivers first rate cut since 2020

ABC  

Samantha Donovan: Hello, welcome to PM. So what we've seen is those really sticky items in the inflation baskets, I think insurance premiums, out-of-pocket health care costs, the cost of building a new dwelling or rental prices, those price increases have been such that the Reserve Bank has been worried that if it doesn't keep interest rate policy restrictive, and …

Australian shares marginally extend losses after RBA cuts rate as expected
1 month, 1 week ago

Australian shares marginally extend losses after RBA cuts rate as expected

Live Mint  

By Adwitiya Srivastava Feb 18 - Australian shares slightly deepened losses after the local central bank delivered its highly anticipated interest rate cut for the first time in over four years on Tuesday, driven by a sell-off in heavyweight financials. The RBA cut rates by 25 basis points to 4.10%, easing its monetary policy for the first time since November …

Borrowers on edge ahead of RBA decision
1 month, 1 week ago

Borrowers on edge ahead of RBA decision

ABC  

Andy Park: Hello, welcome to The World Today. If by its very nature, the Reserve Bank cutting interest rates stimulates demand and increases inflation, if underlying inflation still isn't within the Reserve Bank's band of between 2% and 3%, won't an interest rate cut have policy makers put up the white flag on inflation? Jane Bardon: The independent Yolngu MP …

When does the RBA meet, what's expected to happen to interest rates and how much could you save?
1 month, 3 weeks ago

When does the RBA meet, what's expected to happen to interest rates and how much could you save?

ABC  

There could soon be relief for households with a mortgage, with economists predicting an interest rate cut when the Reserve Bank board meets in February. The board's decision to cut, increase or keep the official cash rate unchanged will be announced shortly after the meeting concludes at 2:30pm AEDT on February 18. Loan size Repayments decrease $600,000 -$92 $750,000 -$115 …

RBA chief's major hint that there could soon be some VERY good news ahead for home-owners
3 months ago

RBA chief's major hint that there could soon be some VERY good news ahead for home-owners

Daily Mail  

The Reserve Bank has given a strong hint borrowers are getting some interest rate cuts in 2025 even though inflation is still too high. The Reserve Bank has given a strong hint interest rate cuts are coming even though inflation is still too high While headline inflation is at a three-year low of 2.8 per cent, the RBA regarded this …

RBA Is More Confident on CPI, But Too Early to Declare Victory
3 months ago

RBA Is More Confident on CPI, But Too Early to Declare Victory

Live Mint  

-- Australia’s central bank is more confident that inflation is moving sustainably toward target but it’s still too soon to conclude the battle is won given a recent pick-up in consumption and a still-tight labor market, minutes of the December meeting showed. The Reserve Bank’s board discussed scenarios in which future policy would be eased to boost economic growth or …

Share market rises after a rally on Wall Street, Australian dollar remains at two-year low — as it happened
3 months ago

Share market rises after a rally on Wall Street, Australian dollar remains at two-year low — as it happened

ABC  

OK, so a lot of this discussion is couched in coded messages. They noted that the data received since the previous meeting had not been sufficient to shift the central forecast for inflation or the labour market materially at this stage." "Relative to this central path, members judged that the risk that inflation returns to target more slowly than forecast …

NZ recession and Federal Reserve rate cut sink Aussie dollar but show the RBA dodged a bullet
3 months, 1 week ago

NZ recession and Federal Reserve rate cut sink Aussie dollar but show the RBA dodged a bullet

ABC  

If you're looking for a last-minute overseas summer getaway, New Zealand is looking increasingly attractive. On the monetary policy front, the Reserve Bank of New Zealand started lifting its cash rate from COVID-19 lows of 0.25 per cent in October 2021 — a full seven months before Australia's Reserve Bank. Why a Fed rate cut sent the US dollar soaring …

The RBA is preparing for all economic scenarios, including an interest rate hike
3 months, 2 weeks ago

The RBA is preparing for all economic scenarios, including an interest rate hike

ABC  

The Reserve Bank may have dropped the phrase "not ruling anything in or out" in its interest rates commentary, but that does not mean an interest rate hike is completely out of the question. That is because, as Dr Hunter explained, it would mean the RBA's key policy goal of achieving its mid-point annual inflation target of 2.5 per cent …

Australia's unemployment rate falls to 3.9pc in November, its lowest level since March
3 months, 2 weeks ago

Australia's unemployment rate falls to 3.9pc in November, its lowest level since March

ABC  

Australia's unemployment rate fell to 3.9 per cent in November, down from 4.1 per cent in October. "The only downside to Australia's remarkably strong job market is that any hope of a near-term interest rate cut is over," said Callam Pickering, APAC economist at global job site Indeed. "Today's blockbuster November employment report seemingly pushes back — yet again — …

Reserve Bank keeps interest rates on hold in December but leaves door open to a February cut
3 months, 2 weeks ago

Reserve Bank keeps interest rates on hold in December but leaves door open to a February cut

ABC  

The Reserve Bank has left interest rates on hold in December for a ninth-straight meeting, but opened the door to a rate cut as soon as February. This is a change in language from the board's November statement, which said it needed to "remain vigilant to upside risks to inflation" and was "not ruling anything in or out". "While the …

The brutal reality of life under Anthony Albanese as economy grows at weakest pace in more than three decades
3 months, 3 weeks ago

The brutal reality of life under Anthony Albanese as economy grows at weakest pace in more than three decades

Daily Mail  

Australia's economy is barely growing despite record-high levels of immigration and government spending, as the country enters its longest-ever per capita recession. Australia's economy is still barely growing despite record-high immigration levels The Australian Bureau of Statistics data showed GDP per capita shrank by 1.5 per cent over the year, continuing a per capita recession that began in early 2023 …

Why the bout between the Reserve Bank and the federal government is about to heat up
3 months, 3 weeks ago

Why the bout between the Reserve Bank and the federal government is about to heat up

ABC  

There's an old adage that oppositions don't win elections, governments lose them. RBA Governor Michele Bullock says Australia's strategy of reducing inflation without stoking too much unemployment is part of the reason why it looks different to peer economies right now. RBA unlikely to react to October inflation data Photo shows Household money pic Australia's inflation rate remained steady in …

The politics of the RBA's independence means a struggle over Australia's economic outlook is being fought in the shadows
3 months, 4 weeks ago

The politics of the RBA's independence means a struggle over Australia's economic outlook is being fought in the shadows

ABC  

When the prime minister fronted the media just after 8am on Friday, the sense of elation was palpable. We now live in a world where the sainted independence of the RBA is such that the treasurer can't even be seen to be giving it a few "helpful suggestions" about interest rates. He says for the RBA's wage forecast to be …

RBA Governor Michele Bullock rejects suggestion there's too much government spending in Australia, saying things could be 'much worse' without it
4 months ago

RBA Governor Michele Bullock rejects suggestion there's too much government spending in Australia, saying things could be 'much worse' without it

ABC  

Reserve Bank Governor Michele Bullock has rejected the argument there's too much government spending in Australia right now, saying it is helping to keep the economy on an "even keel" and things could be much worse without it. Ms Bullock said the private sector was growing "very slowly" in Australia at the moment, with consumption per capita declining, and government …

RBA unlikely to lower interest rates in 2024 despite inflation at its lowest level since July 2021
4 months ago

RBA unlikely to lower interest rates in 2024 despite inflation at its lowest level since July 2021

ABC  

Australia's inflation rate remained steady in October, with analysts tipping this price data won't change the Reserve Bank's mind to hold interest rates at their highest level in about a decade until at least early 2025. The inflation rate held at 2.1 per cent annually, with the rising price of food, alcohol, cigarettes and recreational activities keeping it up, while …

RBA leaves cash rate at 4.35pc, acknowledging it's 'restrictive,' while ASX loses ground — as it happened
4 months, 3 weeks ago

RBA leaves cash rate at 4.35pc, acknowledging it's 'restrictive,' while ASX loses ground — as it happened

ABC  

Here are some highlights from the RBA Board's statement. Underlying inflation remains too high: "Inflation has fallen substantially since the peak in 2022, as higher interest rates have been working to bring aggregate demand and supply closer towards balance. "Headline inflation was 2.8 per cent over the year to the September quarter, down from 3.8 per cent over the year …

Review finds 'no evidence' gunshots were deliberately edited into commando footage — as it happened
Trending News
4 months, 3 weeks ago

Review finds 'no evidence' gunshots were deliberately edited into commando footage — as it happened

ABC  

Treasurer Jim Chalmers answers a questions on the RBA interest rates. Member for Macquarie, Susan Templeman, asks: "What does the decision taken today by the Reserve Bank mean for Australians and what progress is being made in the fight against inflation and how does this compare to other approaches?" "Secondly, it reflects the progress that we are making together in …

Reserve Bank keeps interest rates at 4.35pc for eighth-straight meeting despite lower inflation
4 months, 3 weeks ago

Reserve Bank keeps interest rates at 4.35pc for eighth-straight meeting despite lower inflation

ABC  

The Reserve Bank of Australia has kept interest rates on hold at 4.35 per cent for its eighth-straight meeting, despite inflation falling to its lowest level in almost four years. In a statement, the RBA said while inflation has "fallen substantially" since it peaked in 2022, underlying inflation remained too high at 3.5 per cent in the September quarter. The …

Reserve Bank keeps interest rates on hold at 4.35pc, ignoring political pressure for cut
6 months ago

Reserve Bank keeps interest rates on hold at 4.35pc, ignoring political pressure for cut

ABC  

The Reserve Bank has left interest rates on hold at 4.35 per cent. Earlier this month, Treasurer Jim Chalmers said the RBA's rate hikes were "smashing the economy", and former Labor treasurer Wayne Swan accused the RBA of "putting economic dogma over rational decision-making" by refusing to cut rates at this point in the cycle. "With the labour market still …

The RBA is making confusion about inflation and the cost of living even worse
6 months, 4 weeks ago

The RBA is making confusion about inflation and the cost of living even worse

ABC  

There's a paradox about the way we respond to threats to the cost of living. At the same time, when the cost of living climbs enough to push inflation beyond the Reserve Bank's target, the bank pushes up interest rates in an attempt to drive measured inflation down. Sharp interest rate increases are a problem The response of the Reserve …

The RBA expects to keep interest rates on hold. It's bad news for mortgage holders and a reality check for the government
7 months, 2 weeks ago

The RBA expects to keep interest rates on hold. It's bad news for mortgage holders and a reality check for the government

ABC  

It was the understatement of the week. When Reserve Bank governor Michelle Bullock popped the bubble of anticipation around an interest rate cut any time soon, she acknowledged "this is not what people want to hear". The idea of a rate cut before the end of the year "doesn't align" with the RBA board's current thinking. "I think it's hard …

RBA Governor delivers another blow to Aussies with a mortgage - and why you shouldn't expect rate cuts anytime soon
7 months, 3 weeks ago

RBA Governor delivers another blow to Aussies with a mortgage - and why you shouldn't expect rate cuts anytime soon

Daily Mail  

Australia's most powerful banker has aggressively scotched expectations of rate cuts by Christmas - despite global concerns about an American recession and weak local economic activity. In the media conference afterwards, Governor Michele Bullock stressed a rate cut wasn't happening soon - despite the Reserve Bank statement emphasing the risk of an economic slowdown and weaker gross domestic product 'Given …

Finance guru Mark Bouris makes worrying admission about Australia
7 months, 3 weeks ago

Finance guru Mark Bouris makes worrying admission about Australia

Daily Mail  

Finance guru Mark Bouris has claimed that Australia has been in a recession for the past 18 months with the standard of living the worst its been in two years. Finance guru Mark Bouris has claimed that Australia has been in a recession for the past 18 months The cash rate is currently at a 12 year high of 4.35 …

RBA's Michelle Bullock says no cuts expected in next six months after leaving interest rates on hold
7 months, 3 weeks ago

RBA's Michelle Bullock says no cuts expected in next six months after leaving interest rates on hold

ABC  

The Reserve Bank of Australia has kept interest rates on hold at 4.35 per cent. "Financial markets have been volatile of late and the Australian dollar has depreciated," the RBA Board said in a statement. "In doing so, it will continue to pay close attention to developments in the global economy and financial markets, trends in domestic demand, and the …

The RBA has avoided the worst-case scenario with interest rates but economic uncertainty is looming
7 months, 3 weeks ago

The RBA has avoided the worst-case scenario with interest rates but economic uncertainty is looming

ABC  

That's the thing with silver linings. Here's how it happened Even with the carnage of the past few days, our market is only off 1.5 per cent since the start of the financial year, while some US indices are still in the black, giving an indication of just how fast stock markets have been running in recent weeks. Annual inflation …

For the first time in months, household spending has fallen. Here's what Australians are cutting back on
7 months, 3 weeks ago

For the first time in months, household spending has fallen. Here's what Australians are cutting back on

ABC  

Australians are spending less on events, accommodation, and food, as household spending decreased after consecutive rises, according to new data from the Australian Bureau of Statistics. The government agency said spending fell by 0.5 per cent in June after recording a small increase in May and April. The ABS explained this was because people were spending less on recreational activities, …

'RBA to hike in August', says investment bank as property market pushes on up
9 months ago

'RBA to hike in August', says investment bank as property market pushes on up

ABC  

In short: The Australian property market will remain robust this year and next, according to several analysts. Australian property prices are expected to increase by as much as 5 per cent in calendar year 2024, according to the June PropTrack Property Market Outlook Report. "We got capital cities a little stronger at 6 to 7 per cent for the 2024 …

RBA keeps interest rate at 4.35 per cent, says rate rise could be on cards as governor says she's not expecting a recession in Australia
9 months, 1 week ago

RBA keeps interest rate at 4.35 per cent, says rate rise could be on cards as governor says she's not expecting a recession in Australia

ABC  

The Reserve Bank has kept interest rates on hold at 4.35 per cent. "Inflation has fallen substantially since its peak in 2022, as higher interest rates have been working to bring aggregate demand and supply closer towards balance," the Board said. RBA governor warns the narrow path is 'getting a bit narrower,' but doesn't expect a recession The RBA board …

RBA Sees Some Households Struggling, Suggesting Rate-Hike Limits
9 months, 4 weeks ago

RBA Sees Some Households Struggling, Suggesting Rate-Hike Limits

Live Mint  

-- Australia’s inflation is showing persistent strength and weighing heavily on the finances of some households, a senior Reserve Bank official said, highlighting the limits to further interest-rate increases. “The board are absolutely focused on the fact that inflation is clearly still above the target band,” RBA Assistant Governor Sarah Hunter said at a conference in Sydney on Thursday, referring …

The Reserve Bank's interest rate dilemma: Households are hurting but inflation remains stubbornly high
10 months, 2 weeks ago

The Reserve Bank's interest rate dilemma: Households are hurting but inflation remains stubbornly high

ABC  

Please make it stop. That's what Michele Bullock must say to herself after RBA board meeting days, when journalists conjure a dozen different ways to ask the same question — what's going to happen with interest rates? Over the past year, the inflation rate for discretionary goods and services has been within the RBA's 2-3 per cent target band, at …

'Too soon to declare victory' as RBA governor Bullock says she can't rule out another rate rise
10 months, 3 weeks ago

'Too soon to declare victory' as RBA governor Bullock says she can't rule out another rate rise

ABC  

In short : Interest rates have been kept steady, at 4.35 per cent. RBA does not want to tip economy into recession, Bullock says On Tuesday, Governor Bullock said when the RBA lifted rates in November, from 4.1 to 4.35 per cent, it was "taking out a little insurance." The RBA's preferred "core" measures of inflation, such as the trimmed …

RBA Financial Stability Review says Australia's banks safe even as up to 85,000 borrowers risk running out of cash
1 year ago

RBA Financial Stability Review says Australia's banks safe even as up to 85,000 borrowers risk running out of cash

ABC  

In short: Around 5 per cent of mortgage borrowers currently spend more than they earn on essentials and their mortgage, and more than 2 per cent could run out of savings by the end of next year. Around 5 per cent of mortgage borrowers currently spend more than they earn on essentials and their mortgage, and more than 2 per …

RBA leaves door open to interest rate cuts and rises as unemployment risks rise
1 year ago

RBA leaves door open to interest rate cuts and rises as unemployment risks rise

ABC  

What a difference six weeks makes. Economists and traders expect the US Federal Reserve to lead off a global round of interest rate cuts, but recent economic data suggests the RBA should beat them to it. CBA's head of Australian economics Gareth Aird points out that the RBA board made seven references to "uncertainty" in its one-page post-meeting statement, up …

RBA keeps interest rates on hold at 4.35pc but says 'it will be some time' before inflation within target band
1 year ago

RBA keeps interest rates on hold at 4.35pc but says 'it will be some time' before inflation within target band

ABC  

The Reserve Bank has left interest rates on hold amid signs that growth in the economy has dramatically slowed down following 13 interest rate rises since May 2022. The cash rate remains at 4.35 per cent, and while the central bank gave no clear indication of where it was headed next, saying it was "not ruling anything in or out", …

Did the Reserve Bank hit the brakes too hard? Why Australia's economy is heading into reverse
1 year ago

Did the Reserve Bank hit the brakes too hard? Why Australia's economy is heading into reverse

ABC  

The softening-up process is already underway. There's now every possibility the GDP numbers could tip negative, giving the first real indication that Australia's economy is shrinking under the weight of 13 interest rate hikes in quick succession. The RBA lifted the cash rate to 4.35 per cent last November, but it hasn't fully flowed through to the whole economy. Prepare …

RBA keeps interest rates steady at 4.35 per cent
1 year, 1 month ago

RBA keeps interest rates steady at 4.35 per cent

ABC  

The Reserve Bank has left interest rates on hold at its first meeting of the year after inflation fell by more than expected towards the end of 2023. Inflation easing, but global outlook is highly uncertain In its post-meeting statement, the RBA board said inflation had clearly eased but it was still high at 4.1 per cent. "At 4.1 per …

RBA leaves interest rates unchanged at 4.35pc after first meeting of the year, ASX ends lower — as it happened
1 year, 1 month ago

RBA leaves interest rates unchanged at 4.35pc after first meeting of the year, ASX ends lower — as it happened

ABC  

The Reserve Bank has released its latest forecasts for the economy. While lowering its inflation forecasts to reflect the latest December quarter Consumer Price Index, which came in well below its previous expectations, it appears to be wedded to its view that services inflation is sticky and will take a long time to tame. The RBA has taken 0.6 of …

Australia narrowly avoided recession this year — what these experts think will happen in 2024
1 year, 3 months ago

Australia narrowly avoided recession this year — what these experts think will happen in 2024

ABC  

Fears that Australia would enter a technical recession during 2023 didn't eventuate. "I think the last interest rate hike in November has led to a bit of a perhaps change in expectation that maybe we haven't seen the peak in interest rates in Australia," AMP's deputy chief economist Diana Mousina said. "I'll be the first to say that we were …

Australia's economic crisis will be front and centre as 2023 ends. But whether 2024 will be more prosperous remains to be seen
1 year, 3 months ago

Australia's economic crisis will be front and centre as 2023 ends. But whether 2024 will be more prosperous remains to be seen

ABC  

It's been a year, hasn't it? That inflation struggle will be front and centre as this year ends and the new year begins, keeping the Reserve Bank back in the national economic driver's seat for another year. Unemployment rises despite another surprise job creation surge Photo shows A female bartender smiles at a colleague cutting lemons as she shakes up …

Why further RBA interest rate hikes are less likely now than even one week ago
1 year, 4 months ago

Why further RBA interest rate hikes are less likely now than even one week ago

ABC  

Since Australia's Reserve Bank hiked interest rates two weeks ago, there have been two important developments — one in the United States and the other in the United Kingdom. In this way, decisions made in the US not to increase interest rates or even to cut them make it easier for Australia's Reserve Bank not to increase rates — or …

A rising number of households on the cusp of financial stress, but RBA says banking system isn't at risk
1 year, 5 months ago

A rising number of households on the cusp of financial stress, but RBA says banking system isn't at risk

ABC  

Australian homes and businesses are vulnerable to financial stability risks as rising inflation and interest rates continue to pressure the global economy. Key points: Australia's financial system is well-placed to deal with global economic shocks The share of households falling behind on their mortgage payments has picked up a little Despite rising rates, the vast majority of households are servicing …

Why did the Reserve Bank leave interest rates on hold at 4.1 per cent? What does it mean for inflation? When will the RBA start cutting rates?
1 year, 5 months ago

Why did the Reserve Bank leave interest rates on hold at 4.1 per cent? What does it mean for inflation? When will the RBA start cutting rates?

ABC  

For the fourth-straight month, the Reserve Bank of Australia left the cash rate on hold at 4.1 per cent at its meeting on Tuesday. In other words, the RBA says the impact of past rate hikes are doing the business at keeping inflation lower and sending it back down to its target range of 2-3 per cent. The RBA has …

Reserve Bank keeps interest rates on hold but many more Australians to soon hit breaking point
1 year, 5 months ago

Reserve Bank keeps interest rates on hold but many more Australians to soon hit breaking point

ABC  

The Reserve Bank of Australia held its meeting today — the first chaired by new governor Michele Bullock – and economists and markets were right in widely tipping that it would keep interest rates on hold. Some fear this "higher for longer" interest rate environment that central banks have warned of could mean we soon hit a breaking point. The …

Reserve Bank leaves interest rates on hold in a major win for millions of homeowners in one of Philip Lowe's final acts as governor
1 year, 6 months ago

Reserve Bank leaves interest rates on hold in a major win for millions of homeowners in one of Philip Lowe's final acts as governor

Daily Mail  

The Reserve Bank has left interest rates on hold at an 11-year high of 4.1 per cent for the third straight month. Since peaking at 8.4 per cent late last year, the monthly measure of annual inflation has moderated, falling back to 4.9 per cent in July, the lowest level since February 2022, from 5.4 per cent in June. But …

RBA leaves interest rates on hold at 4.1 per cent after Philip Lowe's last meeting as governor
1 year, 6 months ago

RBA leaves interest rates on hold at 4.1 per cent after Philip Lowe's last meeting as governor

ABC  

The Reserve Bank has kept interest rates on hold at 4.1 per cent for the third month straight, but has flagged further increases may be needed to ensure inflation remains under control. Key points: The RBA has not lifted interest rates since June, when the cash rate target rose to 4.1 per cent But the central bank says future rate …

RBA leaves interest rates on hold for second consecutive month
1 year, 7 months ago

RBA leaves interest rates on hold for second consecutive month

ABC  

The Reserve Bank has left interest rates on hold for consecutive months for the first time since it started raising them in May last year. Key points: The RBA's benchmark cash rate target remains at 4.1 per cent The central bank expects inflation to fall back below 3 per cent by late 2025 However, RBA governor Philip Lowe warns more …

RBA holds interest rates steady, and homeowners breathe a sigh of relief — but for how long?
1 year, 8 months ago

RBA holds interest rates steady, and homeowners breathe a sigh of relief — but for how long?

ABC  

The RBA has left its cash rate target unchanged at 4.1 per cent — and home owners aren't the only ones breathing a sigh of relief. In the final paragraph of the Reserve Bank governor Philip Lowe's statement on Tuesday he said: "Some further tightening of monetary policy may be required to ensure that inflation returns to target in a …

New Zealand is officially in a recession. These charts show how Australia compares
1 year, 9 months ago

New Zealand is officially in a recession. These charts show how Australia compares

ABC  

New Zealand is now in a recession as official data shows the economy has contracted over two consecutive quarters. "New Zealand’s economy is in the midst of a necessary, policy-induced slowdown following the strong post-pandemic recovery," the International Monetary Fund said in a statement this week. Gareth Kiernan from economic research group Infometrics wrote that he expected New Zealand's GDP …

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