Live-streamed video from the March 2016 RBNZ press conference with Governor Graeme Wheeler

Live-streamed video from the March 2016 RBNZ press conference with Governor Graeme Wheeler

This news conference will start at 9:05 am.

Our report on what the March Monetary Policy Statement means is here.

The RBNZ OCR Statement is here.

Today's Monetary Policy Statement is here.

When the live news conference is finished we will place a video recording of it on this page as soon as it becomes available.

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Take a bow

I didn't think they'd do it....really didn't, but very pleased they did.

Everyone in New Zealand should listen to this

without inflation debts will crush borrowers as they start to pay back with tomorrows money thats worth more than todays.

Avoid excessive debt, problem solved.

@Andrewj sorry but is tomorrows money worth more than todays if the rates are reduced? Sorry would appreciate if you could help me understand your statement a bit more.

If we assume reducing rates is in response to deflation, i.e. the price for something today may be less tomorrow, then yes in effect tomorrow's dollar just became worth a bit more (well it's purchasing power just did).

The present value of future fixed liabilities rise as the discount rate factor falls. So those future liabilities discounted at 2.5% yesterday are greater today when discounted at 2.25% in NPV terms. Deflation can only exacerbate this trend as wages tend to remain stagnant at best and prohibit consumer goods rising in price, including rents. Falling interest rates in this environment tend to impact depositors more than borrowers since the banks need to shore up previous poor lending decisions. I hope for your sake the full extent of the rate cut is immediately reflected in your outgoings by tomorrow.

Obsession over tinkering with interest rates;hasn't worked anywhere; blinded to the need for structural change, better regulation and tax changes (a whole lot more dead rats and cats to swallow??)

What a confusing mixed message on housing prices from Wheeler.....I suppose that comes with the territory of not wanting to fully disclose what your real intentions are! It is like watching two race horses racing around the track in opposite directions with randomly placed hurdles and wondering which one's going to hit the finish line first.

Basically any asset that can create inflation will be manipulated regardless of the fundamentals. A short term solution with long term consequences in a deflationary environment. Would it not be better to man up and admit that we have deflation and at least that might make people invest with a higher degree of scrutiny....surely it is a higher degree of scrutiny that keeps the banking system sound at the end of the day.!?