Caution to dictate OCR call this week

Without exception, economists who responded to the regular GoodReturns.co.nz survey indicated they would be shocked if the Reserve Bank makes any change to the OCR – or its monetary policy stance.

ANZ chief economist Cameron Bagrie said they suspect next week’s announcement will be something of a “non-event”.

Not only will the OCR be left at 1.75%, but the Reserve Bank will reiterate a cautious, watchful and neutral stance, he said.

“While there will be some obvious tweaks in wording regarding the NZD and recent data outturns, we expect the overall tone to be largely indistinguishable from the Reserve Bank’s August Statement.”