24 Nov 2022

NZ heading into a recession despite RBNZ raising OCR

From First Up, 5:43 am on 24 November 2022

We're heading into a recession. That's according to the Reserve Bank in its latest Monetary Policy Statement, in which it raised interest rates by a whopping 75 basis points. The bank predicts a sustained recession from next year with four quarters of negative growth, while it says inflation has not yet peaked. Nathan Rarere discussed the report with Deputy Prime Minister and Finance Minister Grant Robertson.