• Michael Reddell: Former Reserve Bank Economist on the likely way the Reserve Bank will respond to the drop in the GDP

  • Dec 19 2024
  • Length: 3 mins
  • Podcast

Michael Reddell: Former Reserve Bank Economist on the likely way the Reserve Bank will respond to the drop in the GDP

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  • Summary

  • There's uncertainty if the Reserve Bank will change tack following the revelation of New Zealand's deep recession.

    Stats NZ figures out yesterday show GDP fell 1% in the three months to September.

    It’s also revised the preceding quarter down to 1.1% contraction.

    Former Reserve Bank Economist Michael Reddell says it did achieve its goal of bringing inflation under control.

    He told Heather du Plessis-Allan he doubts they'll ramp up the size of OCR cuts next year in response to the recession.

    Reddell says it's more likely they'll go ahead with a 50 basis point cut, then tail them off next year.

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