The Kākā’s Journal of Record for Thursday, July 11
RBNZ holds OCR at 5.5%, but is more confident inflation will slow into 1-3% target range in 2024, which economists saw as a ‘dovish pivot’ ahead of a rate cut by Nov; Migration to Australia surging
TL;DR: The top six announcements, rulings, reports, surveys, statistics and research around housing, climate and poverty in Aotearoa’s political economy in the day to 6:00 am on Thursday, July 11 are:
Economy: Te Pūtea Matua The Reserve Bank of New Zealand (RBNZ) announced its Monetary Policy Committee decided to hold the Official Cash Rate (OCR) at 5.5% and noted the committee was confident inflation would return to within its 1-3% target range in the second half of 2024.
Economy: Economists from Westpac, ANZ, ASB and Kiwibank described the statement as a ‘dovish’ pivot that increased the chances the OCR would be cut by November 27 at the latest, and possibly as early as either October 9 or August 14.
Population: Stats NZ reported net migration from New Zealand to Australia increased in 2023, with net 27,000 people leaving, as compared to 14,600 in 2022.
Climate: Minister of Climate Change Simon Watts announced the Government's five-pillar Climate Strategy ahead of upcoming consultation on the Emissions Reduction Plan for the period 2026-2030. It was three pages long with five bullet points and no new committments. His full news conference is here in video form.
Business: The Commerce Commission announced that it is bringing District Court proceedings against Wellington car dealer El Cheapo Cars as part of a broader crackdown on illegal car financing.
Environment: The Environmental Protection Authority decided not to review the approval for the weed-killer glyphosate, following the Environmental Law Initiative's application for it to be potentially re-assessed.
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The Full Journal of Record in the day to 6:00 am on July 11:
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