OCR stays at 1.75 as expected

dollar money cash

Posted 8 months ago by Pope & Co. Mortgages

As widely expected, the Reserve Bank has today announced that there will be no change to the Official Cash Rate (OCR) at 1.75 percent.

"We expect to keep the OCR at this level through 2019 and 2020," Reserve Bank Governor Adrian Orr said.

"Employment is around its sustainable level and consumer price inflation remains below the 2 percent mid-point of our target, necessitating continued supportive monetary policy. Our outlook for the OCR assumes the pace of growth will pick up over the coming year, assisting inflation to return to the target mid-point."

Today's statement indicated that there was little change to the projections made in the recent August Monetary Policy Statement.

Read the full Reserve Bank statement here.

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