Biggest changes in the RBNZs August policy report ...Middle East

In May, the RBNZ projected two cuts for the rest of the year (including the one we had today). In other words, after today, markets had expected the bank to have one more cut left in the tank.

The reason for the dovish shift can be seen in the bank's view of both growth and the labour market.

For the labour market, total employment is now seen at 0.8% in 2026 versus previously seen at 1.8%. The Unemployment Rate is also projected higher for 2026 from 5.0 to 5.2.

All-in-all a more dovish view from the bank compared to what we saw in May.

This article was written by Arno V Venter at investinglive.com.

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