Quarterly Economic Forecasts: Going for a dip

  • Inflation pressures are proving to be surprisingly stubborn.  As a result, the RBNZ is likely to keep lifting the OCR rapidly in the first half of 2023
  • The impact of this rapid tightening is going to be a contraction in the economy over much of 2023
  • Consumer spending volumes will shrink as households respond to increases in the cost of living and rising interest rates

Contact us

Nick Tuffley

ASB Chief Economist

Since starting out in 1997 as an economist, it's fair to say Nick has seen a few hair-raising moments over the years, including the Asian Financial Crisis and the Global Financial Crisis.

One of Nick's strengths is his ability to communicate complex ideas in a readily understandable and entertaining way.  He thrives on helping people understand the economic environment to help enrich the quality of their business or personal life. He’s proud to lead a team that has won two Forecast Accuracy Awards from Consensus Economics, and has a strong track record with their Official Cash Rate and dairy price forecasts. 

Nick grew up in Christchurch and graduated with a Master of Commerce degree from the University of Canterbury.  He learned his economic ropes at the Reserve Bank of New Zealand before a long stint as a Senior Economist at Westpac, and joined ASB as Chief Economist in 2007.

Other reports