The Reserve Bank of New Zealand raised its cash rate by 25 bps to 2.75%, delivering a second straight hike after an increase in July and in line with expectations. The decision reflects the need to gradually remove monetary stimulus and bring inflation back to the 2% target midpoint while supporting growth and employment. Annual inflation rose to 4.1% in Q2 2026, largely due to higher fuel prices stemming from the Middle East conflict. However, core inflation, wage growth and inflation expectations remain consistent with inflation returning to the 1-3% target band by mid-2027. The economy has likely resumed its recovery after lacklustre growth in Q2, supported by resilient external demand, export prices and investment in export-oriented sectors. Still, weak income growth, job insecurity and flat house prices weigh on household spending and residential investment. The Committee expects the recovery to strengthen and broaden but remains alert to risks of more persistent inflation. source: Reserve Bank of New Zealand

The benchmark interest rate in New Zealand was last recorded at 2.75 percent. Interest Rate in New Zealand averaged 6.53 percent from 1985 until 2026, reaching an all time high of 67.32 percent in March of 1985 and a record low of 0.25 percent in March of 2020. This page provides - New Zealand Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. New Zealand Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on September of 2026.

The benchmark interest rate in New Zealand was last recorded at 2.75 percent. Interest Rate in New Zealand is expected to be 2.75 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the New Zealand Interest Rate is projected to trend around 4.00 percent in 2027 and 3.75 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-05-27 02:00 AM RBNZ Interest Rate Decision 2.25% 2.25% 2.25% 2.25%
2026-07-08 02:00 AM RBNZ Interest Rate Decision 2.5% 2.25% 2.50% 2.25%
2026-09-02 02:00 AM RBNZ Interest Rate Decision 2.75% 2.5% 2.75% 2.75%
2026-10-28 01:00 AM RBNZ Interest Rate Decision 2.75% 2.75%
2026-11-10 08:00 PM RBNZ Financial Stability Report
2026-12-09 01:00 AM RBNZ Interest Rate Decision 3.0%


Related Last Previous Unit Reference
Banks Balance Sheet 776783.00 788987.00 NZD Million Jul 2026
Central Bank Balance Sheet 70667.00 73237.00 NZD Million Aug 2026
Deposit Interest Rate 4.71 4.66 percent Aug 2026
Foreign Exchange Reserves 49139.00 51134.00 NZD Million Aug 2026
Interbank Rate 3.16 3.15 percent Sep 2026
RBNZ Interest Rate 2.75 2.50 percent Sep 2026
Loans to Private Sector 142861.00 143139.00 NZD Million Jul 2026
Money Supply M0 10200.00 10241.00 NZD Million Aug 2026
Money Supply M1 138369.00 137973.00 NZD Million Jul 2026
Money Supply M3 458490.00 454697.00 NZD Million Jul 2026


New Zealand Interest Rate
In New Zealand, interest rates decisions are taken by the Reserve Bank of New Zealand. The official interest rate is the Official Cash Rate (OCR). The OCR was introduced in March 1999 and is reviewed eight times a year by the Bank. The OCR influences the price of borrowing money in New Zealand and provides the Reserve Bank with a means of influencing the level of economic activity and inflation.
Actual Previous Highest Lowest Dates Unit Frequency
2.75 2.50 67.32 0.25 1985 - 2026 percent Daily

News Stream
RBNZ Delivers Back-to-Back Rate Hikes
The Reserve Bank of New Zealand raised its cash rate by 25 bps to 2.75%, delivering a second straight hike after an increase in July and in line with expectations. The decision reflects the need to gradually remove monetary stimulus and bring inflation back to the 2% target midpoint while supporting growth and employment. Annual inflation rose to 4.1% in Q2 2026, largely due to higher fuel prices stemming from the Middle East conflict. However, core inflation, wage growth and inflation expectations remain consistent with inflation returning to the 1-3% target band by mid-2027. The economy has likely resumed its recovery after lacklustre growth in Q2, supported by resilient external demand, export prices and investment in export-oriented sectors. Still, weak income growth, job insecurity and flat house prices weigh on household spending and residential investment. The Committee expects the recovery to strengthen and broaden but remains alert to risks of more persistent inflation.
2026-09-02
RBNZ Raises OCR, Flags Further Rate Hikes
The Reserve Bank of New Zealand raised its cash rate by 25 bps to 2.50% at its July meeting, the first hike in three years and in line with expectations, as policymakers aimed to return inflation to the 2% target, while avoiding economic disruption. The central bank said the partial reopening of the Strait of Hormuz has lowered global oil, gas and petrochemical prices, easing near-term inflation pressures. Headline inflation is expected to decline from a peak of 3.9% in Q2 2026 to around 2% over the next 12 months. However, the Committee warned that the effects of the energy shock could persist, with medium-term risks tied to firms’ pricing behaviour, margin rebuilding and a weaker exchange rate. The economy lost momentum in the June quarter as higher energy costs weighed on activity, but growth is expected to recover in the September quarter as fuel prices ease and confidence improves. Policymakers noted that further increases remain possible, with the pace dependent on incoming data.
2026-07-08
RBNZ Signals Earlier and Larger OCR Hikes
New Zealand’s Official Cash Rate ()CR) is likely to rise sooner and more sharply than indicated, Governor Anna Breman said in a speech on Friday. She noted that the global backdrop remains uncertain, with supply chain strains and higher input costs weighing on activity. “New Zealand and our trading partners are likely to see weaker growth alongside higher near-term inflation in response to the Middle East conflict,” she said. Breman viewed that inflation risks remain unclear, where elevated costs could keep price pressures high, though softer demand and rising unemployment may ease them later. Locally, she described business confidence as subdued and performance uneven, with parts of the primary sector holding up but other industries struggling under rising costs and weak demand. Breman added that the central bank is committed to restoring inflation to target while avoiding disruptive swings in the economy.
2026-05-29