In August, New Zealand's central bank suddenly had to begin cutting as the economy plunged into recession. Many global counterparts have begun asking: Could we be next?
For such a tiny nation, stuck at the bottom of the South Pacific, it's a country that punches well above its weight.For Australia, it's been a 22-year drought.
Back in the 1990s, it was the first central bank to target inflation as a way of controlling the economy and during this latest inflation outbreak, it was the first central bank to raise interest rates.As Australian mortgage holders wait for relief, the Reserve Bank of New Zealand cuts rates and green shoots emerge in the housing market.
When it cut rates in August with a fairly dire warning about the economic outlook, the currency took a dive as traders took fright at what might be around the corner. It sparked a congratulatory wave of admiration from many senior Australian economists, who despaired that the Reserve Bank of Australia lacked such courage.
It was bad enough in Australia, with rates rising to 4.35 per cent, but the Kiwis were forced to endure official rates of 5.5 per cent.
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