Banks › Reserve Bank of New Zealand › History › 2 Sept 2026
Reserve Bank of New Zealand: decision of 2 September 2026
The Reserve Bank of New Zealand raised the Official Cash Rate by 25 basis points to 2.75%, its second increase of 2026.
Decision
raise
- Rate
- 2.50%↑2.75%
- Change
- +25 bp
- Vote
- consensus
- Announced
- 14:00 Auckland time
Sources
- Statement
- rbnz.govt.nz/news-and-events/news/2026/09/…
- Monetary Policy Statement
- rbnz.govt.nz/monetary-policy/monetary-poli…
- Recorded
- 2 Sept 2026
- Data
- JSON
What the bank said
The Committee said inflation rose to 4.1% in the June quarter because of higher fuel prices from the Middle East conflict, while core inflation, expected wage growth and inflation expectations remained consistent with a return to the target band by mid-2027.
It noted that the economic recovery had most likely resumed but remained uneven, with strong export prices supporting regional incomes while weak income growth and flat house prices weighed on household spending.
The Committee judged that gradually removing monetary stimulus was appropriate and that the increase reduced the risk of the OCR having to rise by more later.
Guidance. The Committee said future decisions would depend on its judgement of the balance of risks to medium-term inflation, and its record noted the OCR may need to increase further if the central outlook holds.
“This decision reduces the risk that the OCR needs to increase by more later.”
Before and after
- Previous decision: 8 Jul 2026, raised the Official Cash Rate (OCR) by 25 bp to 2.50%.
- Next scheduled meeting: (calendar).
- All Reserve Bank of New Zealand decisions and the rate history