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NZD · WellingtonThe next monetary policy meeting of the Reserve Bank of New Zealand (RBNZ) will take place on Wednesday 28 October 2026. Its Official Cash Rate stands at 2.75%, at this level since 3 September 2026.
The Reserve Bank of New Zealand sets the Official Cash Rate seven times a year, with a 1 to 3% inflation target. It has often been the first major bank to change course.
Updated on · sources: the central bank, the BIS and the national statistics office
Last move
↑ Hike
le 3 September 2026
Annual inflation
n/a
Target: 1 to 3%, 2% midpoint (CPI)
Next decision
28 October
in 5 days
The kiwi reacts strongly to RBNZ surprises, which often foreshadow what other banks will do. Below, the rate the market expects after each meeting, and the probabilities of a hike, a hold or a cut, derived from today's OIS swaps.
How the projections are calculated is for members only
This tool is included in full access and in the terminal-only plan. The other tools on this page remain free to view.
Decision dates published by the bank. For two-day meetings, the date shown is the announcement day.
All eight banks on a single calendar: central bank calendar.
Five years of decisions: each step in the chart is a rate change. Source: Bank for International Settlements.
| Effective date | Official Cash Rate | Change |
|---|---|---|
| 9 September 2026 | 2.75 % | +25 bp |
| 13 July 2026 | 2.50 % | +25 bp |
| 4 December 2025 | 2.25 % | −25 bp |
| 9 October 2025 | 2.50 % | −50 bp |
| 21 August 2025 | 3.00 % | −25 bp |
| 6 June 2025 | 3.25 % | −25 bp |
| 15 April 2025 | 3.50 % | −25 bp |
| 25 February 2025 | 3.75 % | −50 bp |
| 28 November 2024 | 4.25 % | −50 bp |
| 10 October 2024 | 4.75 % | −50 bp |
| 22 August 2024 | 5.25 % | −25 bp |
| 30 May 2023 | 5.50 % | +25 bp |
| 6 April 2023 | 5.25 % | +50 bp |
| 27 February 2023 | 4.75 % | +50 bp |
| 30 November 2022 | 4.25 % | +75 bp |
| 12 October 2022 | 3.50 % | +50 bp |
| 24 August 2022 | 3.00 % | +50 bp |
| 15 July 2022 | 2.50 % | +50 bp |
| 27 May 2022 | 2.00 % | +50 bp |
| 19 April 2022 | 1.50 % | +50 bp |
| 1 March 2022 | 1.00 % | +25 bp |
| 2 December 2021 | 0.75 % | +25 bp |
Monetary Policy Committee
6 voters · 7 meetings a year · Wellington
Six members since the 2018 law, which ended decision-making by the governor alone. The governor has the casting vote.
Count published, without names
The record of decision indicates when the committee wasn't unanimous, without attributing the votes.
