Overview

• In a Sydney speech, chief economist Paul Conway said the bank does not expect to use additional monetary policy tools again anytime soon.
• He said the Official Cash Rate remains the main lever, with unconventional tools reserved for severe downturns at the lower bound and carrying risks highlighted by pandemic asset purchases.
• The RBNZ will deepen its analysis of how additional tools affect the economy and strengthen institutional coordination with fiscal counterparts.
• Officials stressed safeguarding operational independence and maintaining a medium‑term focus on inflation pressures.
• Conway has previously indicated the bank will close the gap between its December and February policy meetings.