The Reserve Bank of New Zealand (RBNZ) Interest Rate Decision determines the Official Cash Rate (OCR), which is the primary tool for managing inflation and supporting sustainable employment. The decision is accompanied by a statement that provides insight into the bank's economic outlook and future policy direction. It is one of the most significant events for the New Zealand economy and the valuation of the Kiwi dollar.
The Monetary Policy Committee reviews domestic inflation, employment data, and global economic conditions, including dairy prices. They aim to keep future annual inflation between 1% and 3% over the medium term.
| Date | Actual | Forecast | Surprise |
|---|---|---|---|
| Sep 2, 2026 | 2.75 | 2.75 | 0.00 |
| Jul 8, 2026 | 2.50 | 2.50 | 0.00 |
| May 27, 2026 | 2.25 | 2.25 | 0.00 |
| Apr 8, 2026 | 2.25 | 2.25 | 0.00 |
| Feb 18, 2026 | 2.25 | 2.25 | 0.00 |
| Nov 26, 2025 | 2.25 | 2.25 | 0.00 |
| Oct 8, 2025 | 2.50 | 2.75 | -0.25 |
| Aug 20, 2025 | 3.00 | 3.00 | 0.00 |
| Jul 9, 2025 | 3.25 | 3.25 | 0.00 |
| May 28, 2025 | 3.25 | 3.25 | 0.00 |
| Apr 9, 2025 | 3.50 | 3.50 | 0.00 |
| Feb 19, 2025 | 3.75 | 3.75 | 0.00 |
| Nov 27, 2024 | 4.25 | 4.25 | 0.00 |
| Oct 9, 2024 | 4.75 | 4.75 | 0.00 |
| Aug 14, 2024 | 5.25 | 5.50 | -0.25 |
| Jul 10, 2024 | 5.50 | 5.50 | 0.00 |
| May 22, 2024 | 5.50 | 5.50 | 0.00 |
| Apr 10, 2024 | 5.50 | 5.50 | 0.00 |
| Feb 28, 2024 | 5.50 | 5.50 | 0.00 |
| Nov 29, 2023 | 5.50 | 5.50 | 0.00 |
| Aug 16, 2023 | 5.50 | 5.50 | 0.00 |
| Jul 12, 2023 | 5.50 | 5.50 | 0.00 |
| May 24, 2023 | 5.50 | 5.50 | 0.00 |
| Apr 5, 2023 | 5.25 | 5.00 | +0.25 |
| Feb 22, 2023 | 4.75 | 4.75 | 0.00 |
| Nov 23, 2022 | 4.25 | 4.25 | 0.00 |
| Oct 5, 2022 | 3.50 | 3.50 | 0.00 |
| Aug 17, 2022 | 3.00 | 3.00 | 0.00 |
| Jul 13, 2022 | 2.50 | 2.50 | 0.00 |
| May 25, 2022 | 2.00 | 2.00 | 0.00 |
| Apr 13, 2022 | 1.50 | 1.25 | +0.25 |
| Feb 23, 2022 | 1.00 | 1.00 | 0.00 |
| Nov 24, 2021 | 0.75 | 0.75 | 0.00 |
