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Reserve Bank of New Zealand Holds At 1.75% As Expected

- The Reserve Bank of New Zealand held its benchmark official cash rate steady at 1.75% as expected on Thursday, warning that the inflation outlook was uncertain as a new government pursues new policies.

"The Bank has incorporated preliminary estimates of the impact of new government policies in four areas," RBNZ Governor Grant Spencer said in a statement.

These included new government spending, a homebuilding program, curbs on immigration and increases in the minimum wage.

"The impact of these policies remains very uncertain," the RBNZ said. However, its assumption was that the policies combined would result in more fiscal stimulus than previously

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