***This content has been updated. You can read the most recent version of this article here.***
After being hit by one bumper interest rate increase after another (after another) this year, we’ll bet we’re not the only ones wondering what the Reserve Bank’s got in store for us in 2023.
The current forecast says the Official Cash Rate (OCR) could peak as high as 5.5% as the RBNZ continues its battle against rampant inflation, which would mean we’ve got another 1.25% to climb from the current level.
But now they’ve set us firmly on track for a recession, and with more and more Kiwi cutting back on their discretionary spending in order to survive higher rates, the sense across the market is that it won’t need to get that far before the economy is brought under control.
OCR announcement dates for 2023
After a period of much-needed respite over the holiday break, the RBNZ will be back to its regularly scheduled programming from late February.
There are two types of OCR announcement over the course of the year. Quarterly Monetary Policy Statements (in bold) are more in-depth - and may be where the RBNZ revises its forecasts. Monetary Policy Reviews are more of an interim update, or check-in, between MPS announcements.
Here’s the full list of dates for 2023:
- 22nd February - Monetary Policy Statement & OCR
- 5th April - Monetary Policy Review & OCR
- 24th May - Monetary Policy Statement & OCR
- 12th July - Monetary Policy Review & OCR
- 16th August - Monetary Policy Statement & OCR
- 4th October - Monetary Policy Review & OCR
- 29th November - Monetary Policy Statement & OCR
However next year plays out, we’ll be watching closely - with plenty of commentary over on the Squirrel blog to help make sense of what the Reserve Bank announcements mean for Kiwi homeowners and our housing market.