All eyes on interest rates: Key OCR dates for 2023/2024

Kiwi have just been put through the fastest, and most dramatic series of interest rate increases New Zealand’s seen in decades.

It’s been brutal, to say the least – but we’ve finally taken one small (and very important) step towards making it out the other side. After a relentless 12 back-to-back Official Cash Rate (OCR) increases in just over 18 months, the Reserve Bank has hit the pause button.

And although interest rates are one of those things where nothing’s 100% certain until it’s actually happened, signs are good that (after sticking at current levels for a while longer) the next move in rates should be downwards.

Phew. 

So, the big question now is: when exactly will rates start to fall?

According to the RBNZ’s timeline, we’re looking at roughly mid-2024.

But we’re already seeing plenty of evidence that the economy is slowing at pace, and as we make further headway in the fight to get inflation back in its box, some are predicting that it could be a lot sooner.

One thing’s for sure, we (along with the rest of New Zealand) will be keeping a close eye on the Reserve Bank and its OCR moves in the coming months, holding out for some good news. 

Here are the key OCR dates to watch for in 2023 and 2024*:

2023

• 16th August - Monetary Policy Statement & OCR
• 4th October - Monetary Policy Review & OCR
• 29th November - Monetary Policy Statement & OCR

2024 

• 28^th February – Monetary Policy Statement & OCR
• 10^th April – Monetary Policy Review & OCR
• 22^nd May – Monetary Policy Statement & OCR
• 10^th July – Monetary Policy Review & OCR
• 14^th August – Monetary Policy Statement & OCR
• 9^th October – Monetary Policy Review & OCR
• 27^th November – Monetary Policy Statement & OCR

However the next few months play out, you can always catch our latest analysis on the situation over on the Squirrel blog, helping to make sense of what the RBNZ announcements mean for Kiwi homeowners and our housing market.

*There are two types of OCR announcement. Quarterly Monetary Policy Statements (in bold) are more in-depth – and may be where the RBNZ revises its forecasts. Monetary Policy Reviews are more of an interim update, or check-in, between MPS announcements.

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