What's next?
OCR kept at 5.50%, two in a row with no change in the OCR.
Current monetary policy working as expected to clampdown the domestic spending therefore tracking well to counter the inflation.
Members of the MPC has mentioned:
"The risks around the lagged effect of previous monetary tightening on households and businesses. The average mortgage rate on outstanding loans is expected to rise from around 5% to near 6% by early 2024, and debt servicing costs as a share of income are still increasing."
Reserve bank has no intention to move on OCR rates, as they are working towards bringing the consumer price inflation between 1% - 3% in the second half of 2024.
Some of the economists are still predicting another rise later this year on the OCR, which could be the max.
Interesting times ahead, with election and CPI update in the next three months, which will give some more clarity.
As reserve bank does their OCR review, it is worthwhile reviewing your mortgage, spending at least 5 - 10 minutes, can potentially save you some interest cost.
If you are unsure, you can engage us, we love to explore options and create an opportunity to grow your wealth.
👉 info@skfg.co.nz
👉0210749825
Poll: When should the tree go up? 🎄
From what we've heard, some Christmas trees are already being assembled and decorated.
What are your thoughts on the best time to get your Christmas tree up?
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5% Second half of November
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44.6% 1st December
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16.7% A week before Christmas
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32.5% Whenever you wish
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1.3% Other - I'll share below
Neighbourhood Challenge: Who Can Crack This One?
This belongs to you, but everyone else uses it.
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Tactile texture
Welcome texture into your room by using leftover Resene Anaglypta wallpaper to accentuate furniture and décor items. Find out how to create your own with these easy step by step instructions.
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