🏦🇳🇿 Westpac on RBNZ

* We expect no change in monetary policy settings at the upcoming review with the OCR to be held at 0.25% for the foreseeable future.

* A softer than expected starting point for the New Zealand economy will be balanced against a rapidly improving global outlook.

* The Government’s housing policy announcement last month will only have a moderate impact on the RBNZ’s house price forecasts, which were already on the conservative side.

* The RBNZ is already braced for a near-term spike in inflation. However, this is expected to be temporary, and the RBNZ will reiterate that a sustained return to its inflation and employment goals is a considerable time away.