New Zealand

Roughly neutral

Policy rate

2.75%

Last move Sep 2026

Inflation

2.84%

As of null

Real policy rate

-0.09%

Policy rate less inflation

Debt to GDP

56.70%

2026 est.

Inflation target2%

Policy rate vs target—

Last move+25 bps hike

Months at current rate—

Real GDP growth2.10%

Next scheduled decisionOct 28, 2026

Policy rate path, latest five years.

The verdict

New Zealand sets its policy rate at 2.75%, against inflation of 2.84% — a real rate of -0.09%, with the policy rate sitting below the inflation rate. The most recent decision was a 25bp hike in Sep 2026. The bank targets 2% inflation, and prices are running above that at 2.84%. On the fiscal side, the economy carries government debt of 56.7% of GDP (2026 est.) and real GDP growth of 2.1%.

Sources: policy rate and cycle history — BIS central bank policy rates (WS_CBPOL); inflation — national statistical agencies; debt and growth — IMF World Economic Outlook. Methodology: https://www.globalfinancialinfo.info/methodology/policy-rates · Dataset: https://www.globalfinancialinfo.info/global-economy · Free to print and share for non-commercial classroom use (CC BY-NC-ND 4.0).

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