Term Deposit Report: Inflation is back, and impacting savers

  • The RBNZ delivered its first Official Cash Rate increase in over seven years in October 2021 and followed up with further hikes at subsequent meetings in late 2021 and early 2022
  • More OCR increases are expected over the year ahead, and this is priced into longer-term interest rates in New Zealand, including term deposits
  • Despite the increase we have seen this year, most rates on offer are still very low and are expected to remain below historical averages over the coming years

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Chris Tennent-Brown

ASB Wealth Senior Economist

Chris has worked as an economist for ASB and Commonwealth Bank of Australia in Sydney since 2005. His work has involved monitoring and forecasting trends in the New Zealand economy, with a focus on drawing implications for financial markets and investments. Chris is passionate about savings issues, and much of his current work is focussed on broadening peoples understanding of investments. Chris obtained a Bachelor of Commerce at Auckland University, majoring in Economics, and prior to joining ASB worked in the funds management industry for Bankers Trust and BT Funds Management. With over 20 years' experience in finance, Chris has also spent several years farming, and was a New Zealand representative cyclist. When not at work, Chris likes to travel, cycle, and spend time with his family and numerous pets.

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