RBNZ announces The Official Cash Rate (OCR) will remain at 1.5 percent.
The governor cited weakening global economic outlook, softening trade, and weakening business confidence as reasons for leaving the OCR unchanged at 1.5%. It was also mentioned that a number of central banks were easing their monetary policy to support demand.
He also noted that if the recent softer house prices trend continues, it will likely dampen household spending.
The Committee considered the merits of lowering the OCR at this meeting. However, the Committee reached a consensus to hold the OCR at 1.5 percent in this meeting. They noted it is possible that the OCR may be decreased in the future.