M.I.A.
OPINION: The previous government spent too much during the Covid-19 pandemic, despite warnings from officials, according to a briefing released by the Treasury.
Economists are suddenly divided over whether the official cash rate will rise this afternoon.
Whereas a day ago, a hike was expected by all major analysts, some have now shifted to an on-hold decision.
Reserve Bank will deliver its monetary policy statement at 2pm.
Westpac head of NZ strategy Imre Speizer says yesterday’s sudden Covid-related lockdown has changed sentiment.
Westpac’s economists argue that regardless of the economic case for higher interest rates, there is nothing to be gained from pushing the OCR higher now, rather than waiting for more clarity on the Covid situation, says Speizer.
Market pricing for today has fallen from a 100% chance of a hike (as at yesterday morning) to 60% currently. “We struggle to construct a plausible RBNZ scenario which would cause no market reaction.
“Thus, on this occasion, we present only two scenarios. “A 25bp hike would indicate the hawkish resolve of the RBNZ, and cause swap rates and the NZD to rise. An on-hold decision would elicit the opposite reaction to the above, but the declines would be limited by an expectation that tightening has merely been delayed.”
NZPork has appointed Auckland-based Paul Bucknell as its new chair.
The Government claims to have delivered on its election promise to protect productive farmland from emissions trading scheme (ETS) but red meat farmers aren’t happy.
Foot and Mouth Disease outbreaks could have a detrimental impact on any country's rural sector, as seen in the United Kingdom's 2000 outbreak that saw the compulsory slaughter of over six million animals.
The Ministry for the Environment is joining as a national award sponsor in the Ballance Farm Environment Awards (BFEA from next year).
Kiwis are wasting less of their food than they were two years ago, and this has been enough to push New Zealand’s total household food waste bill lower, the 2025 Rabobank KiwiHarvest Food Waste survey has found.
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