In a note to clients from ANZ (via Bloomberg):

  • ANZ had previously forecast an RBNZ rate hike in Q4 of 2015
  • But now say the bank is on hold until late 2016

Yowza.

They cite:

  • An elevated currency (high trade-weighted index)
  • Weak inflation
  • Prospects for low dairy prices
  • prevailing underlying softness sin global growth