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Rate to stay on hold despite Aussie cut

Thursday 06 Dec 2012 5:23a.m.

Rate to stay on hold despite Aussie cut

A decision by the Reserve Bank of Australia to cut its cash rate is unlikely to be matched by its New Zealand counterpart - for now at least.

Reserve Bank governor Graeme Wheeler reviews New Zealand's official cash rate (OCR) on Thursday but most economists are tipping him to keep the rate on hold at a historic low of 2.5 percent.

It has been at that level since March last year.

The Reserve Bank of Australia cut the cash rate by a quarter of a percentage point to 3 percent on Tuesday. It has cut the cash rate by 1.5 percentage points since November 2011.

BNZ economist Kymberly Martin says after the RBA move the market is expecting a quarter of a percentage point cut to the NZ rate over the coming year, but not on Thursday.

"We do not expect a cut, but for the RBNZ's tone to be more dovish than previously," she said.

NZN

 
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