Legend
- High Impact Expected
- Med Impact Expected
- Low Impact Expected
- Non-Economic
Revision
- Green NumberBetter than forecast -or- revised better
- Red NumberWorse than forecast -or- revised worse
- m/mMonth Over Month
- q/qQuarter Over Quarter
- y/yYear Over Year
- K Thousand
- M Million
- B Billion
- T Trillion
NZ Official Cash Rate
It's an important driver of commodity demand - lower interest rates decrease carrying costs. Reduced costs to store goods will spur companies to make investments in raw materials, leading to higher inventory levels;
The rate decision is usually priced into the market, so it tends to be overshadowed by the RBNZ Rate Statement, which is focused on the future;
- NZ Official Cash Rate Graph
- History
| Expected Impact / Date | Actual | Forecast | Previous |
|---|---|---|---|
| May 26, 2026 | 2.25% | 2.25% | 2.25% |
| Apr 7, 2026 | 2.25% | 2.25% | 2.25% |
| Feb 17, 2026 | 2.25% | 2.25% | 2.25% |
| Nov 25, 2025 | 2.25% | 2.25% | 2.50% |
| Oct 7, 2025 | 2.50% | 2.75% | 3.00% |
| Aug 19, 2025 | 3.00% | 3.00% | 3.25% |
| Jul 8, 2025 | 3.25% | 3.25% | 3.25% |
| May 27, 2025 | 3.25% | 3.25% | 3.50% |
- Details
Specs
Source:
Measures:
Interest rate at which banks lend balances held at the RBNZ to other banks overnight;
Usual Effect:
'Actual' less than 'Forecast' is good for energy prices;
Frequency:
Scheduled 7 times per year;
Derived Via:
The RBNZ Governor decides where to set the rate after consulting senior bank staff and external advisers;
Also Called:
Interest Rates, OCR;
Acro Expand:
Reserve Bank of New Zealand (RBNZ), Official Cash Rate (OCR);
Event Type:
Central Bank