New Zealand Economy

Reserve Bank must stimulate sagging economy

Leith van Onselen
Friday 13 June 2025
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The Reserve Bank of New Zealand has cut the official cash rate by 2.25% to 3.25% over the past nine months.

NZ Mortgage Rates

The rapid monetary easing was in response to a sharp decline in GDP and national income:

NZ GDP per capita
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New Zealand’s unemployment rate also shot up to 5.1% as of Q1 2025:

NZ unemployment rate

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.