We don't expect any significant change to the RBNZ's "Watch, Worry and Wait" strategy it has been following since the May 2023 Monetary Policy Statement.
NZCTU Economist Craig Renney said new data released by Statistics New Zealand shows the need for Government to act now, with unemployment rising from 3.4% to 4.3%.
Unemployment Data Shows Need For Government To Act Now miragenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from miragenews.com Daily Mail and Mail on Sunday newspapers.
Overall, we suspect this doesn’t change the picture that much for the RBNZ. There will be relief that the broad path for the labour market seems intact, which will be required to reduce the ongoing domestic inflation pressures that remained clearly evident in the March quarter CPI report.