The latest Reserve Bank of New Zealand Bulletin

In brief (bolding mine ... RBNZ not seeing much inflation pressure...):

  • the current economic expansion since 2009 has unique characteristics
  • in part been shaped by the Canterbury rebuild
  • the rebuild itself has been less inflationary than the Reserve Bank initially feared
  • This current expansion also includes the largest net immigration cycle (as a share of working age population) since at least the late 1970s, but the consequences for inflationary pressure appear more muted than in the past.
  • Productivity growth has been weak
  • Continued decline in the estimated neutral interest rate since the Global Financial Crisis
  • Household consumption appears less responsive to increased housing wealth than during the previous expansionary period

More available from here

NZD continues to slide, updates: