Parts of our economy are continuing to provide inflation pressures for the Reserve Bank.
It's decided to keep the OCR at 5.5% and has signalled a rate cut no sooner than the second quarter of next year.
The move to keep the OCR the same was anticipated, but many were hoping for rate cuts to come earlier.
Corelogic’s Chief Property Economist Kelvin Davidson told Kerre Woodham that this is the monetary policy tightening cycle in action.
He said you have to squeeze the economy a bit to get inflation down, which means that a lot of people are doing it tough as a result.
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Kerre Woodham Mornings Podcast