During a regional visit to Dunedin, Reserve Bank of New Zealand Governor Anna Breman assessed an economic recovery that is continuing but remains uneven across regions. Gross domestic product grew 0.2% in the three months to June, while subsequent data indicate continued growth in the current quarter. Parts of the South Island are showing stronger conditions, supported by resilient exports, lower unemployment and firmer housing markets. The Reserve Bank expects the recovery to strengthen and broaden as export activity remains resilient and household spending gradually increases. Breman warned that persistent increases in global oil prices could push inflation above the near-term projection in the September Monetary Policy Statement. The Reserve Bank will assess incoming data and global developments before its October decision, with its focus remaining on the medium-term inflation outlook.
2026-09-22Reserve Bank of New Zealand
Reserve Bank of New Zealand assesses uneven recovery and oil price inflation risks during Dunedin visit
Reserve Bank of New Zealand Governor Anna Breman said the economic recovery is continuing but remains uneven, with stronger conditions in parts of the South Island. Persistent increases in global oil prices could raise inflation above the September forecast in the near term, and the Reserve Bank will review incoming data before its October decision.