Last week’s domestic data continue to point to a loss of economic momentum, with the NZIER Quarterly Survey of Business Opinion suggesting that economic growth likely decelerated.
If these results are matched by the official data in the coming months, the RBNZ will be facing an economic reality closer to its rate cut scenario presented at the August MPS.
On Page 2, we discuss what would need to happen to trigger a rate cut from the RBNZ.