Weekly New Zealand Data Wrap

The RBNZ maintained the OCR at 2.25% but signaled a hawkish path with three projected hikes starting in July. Budget 2026 unexpectedly reduced bond issuance forecasts by $6bn due to optimistic tax revenue projections.

Key Takeaways

• 1.RBNZ held the OCR at 2.25% but released a hawkish track implying back-to-back hikes starting in July.
• 2.Budget 2026 featured a $10bn tax forecast upgrade, allowing a $6bn reduction in planned bond issuance.
• 3.NZ business and consumer confidence showed a slight bounce in May but remain well below levels seen before the Middle East oil shock.

Table of Contents

• ANZ Proprietary data
• Key forecasts and rates
• NZ Economic News
• Data calendar
• Interest rate markets
• FX markets
• The week ahead
• Economic forecasts
• Meet the team
• Important Notice

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