Economic Weekly: Reining it in, with two more 50bp moves

  • The 50bp Official Cash Rate hike delivered by the RBNZ on Wednesday last week took the OCR to 3%, its highest since 2015, with the cumulative 275bps in OCR hikes since late 2021 one of the most marked and pronounced on record
  • The RBNZ are not finished yet, with the August Monetary Policy Statement, maintaining a “resolute” mindset and a commitment to move “at pace” to get inflation back into the 1%-3% target band
  • One thing that stood out, though, was the extent to which the RBNZ upped its concerns about the extreme tightness of the labour market

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Mark Smith

Senior Economist

Mark joined ASB in 2017, with over 20 years of public and private sector experience working as an economist in New Zealand and the UK.

His resume includes lengthy stints at ANZ and the Reserve Bank of New Zealand, and he has also worked at the Bank of England, HM Treasury and the New Zealand Transport Agency. Mark's areas of specialisation include interest rate strategy, macro-economic analysis and urban economics.

Born and bred in the Waikato, Mark studied at Waikato University where he graduated with a Master of Social Sciences, majoring in Economics.

Mark's key strengths are the ability to use his extensive experience, inquisitive nature, analytical ability, creativity and pragmatism to dig a little deeper and to deliver common sense solutions to tackle complex problems.

When not at work Mark likes to travel, keep fit and spend time with his friends and family.