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Monetary policy

Past monetary policy decisions

See our Official Cash Rate (OCR) decisions since 1999, and find all our media releases and statements on monetary policy.

Published:

How has the OCR changed over the years?

This data is updated at the end of each month.

Timeline of our OCR announcements since November 1999

Our Monetary Policy Committee (MPC) reviews the OCR 8 times a year.

We publish our Monetary Policy Statement 4 times a year.

Date OCR Decision documents Media conference Other monetary policy tools
2026
27 May 2026 2.25 Media release | Statement Media conference   
8 April 2026 2.25 Media release  Media conference   
18 February 2026 2.25 Media release | Statement | Explainer video (95 secs) Media conference  
2025
26 November 2025 2.25 Media release | Statement Media conference  
8 October 2025 2.5   Media release    
20 August 2025 3.0 Media release | Statement Explainer video (1.26 mins) Media conference
9 July 2025 3.25 Media release
28 May 2025 3.25 Media release | Statement
Explainer video (52 secs)		 Media conference  
9 April 2025 3.5 Media release     
19 February 2025 3.75 Media release | Statement
Explainer video (57 secs)		 Media conference  
2024
27 November 2024 4.25 Media release | Statement } Explainer video (43 secs) Media conference  
9 October 2024 4.75 Media release
14 August 2024 5.25 Media release | Statement | Explainer video (1 min) Media conference
10 July 2024 5.5 Media release
22 May 2024 5.5   Media release | Statement | Explainer video (2 min) Media conference   
10 April 2024 5.5  Media release    
28 February 2024 5.5 Media release | Statement | Explainer video (2 min)
  Media conference   
2023
29 November 2023 5.5    Media release | Statement | Explainer video (2 min)   Media conference   
4 October 2023 5.5  Media release    
16 August 2023 5.5   Media release | Statement | Explainer video (1 min 40)   Media conference   
12 July 2023
 5.5  Media release    
24 May 2023 5.5   Media release | Statement | Explainer video (1 min 50)   Media conference   
5 April 2023  5.25  Media release    
22 February 2023 4.75  Media release | Statement   Media conference     
2022
23 November 2022 4.25   Media release | Statement  Media conference  
5 October 2022 3.5  Media release    
17 August 2022 3.0  Media release | Statement  Media conference  
13 July 2022 2.5  Media release    
25 May 2022 2.0  Media release | Statement  Media conference  
13 April 2022 1.5  Media release    
23 February 2022 1.0  Media release | Statement  Media conference  
2021
24 November 2021 0.75  Media release | Statement  Media conference  
6 October 2021 0.50   Media release    
18 August 2021 0.25  Media release | Statement  Media conference
14 July 2021 0.25  Media release   Additional asset purchases under the Large-scale Asset Purchases (LSAP) programme halted by 23 July 2021.
26 May 2021 0.25  Media release | Statement  Media conference
14 April 2021 0.25  Media release  
24 February 2021 0.25  Media release | Statement  Media conference
2020
11 November 2020 0.25  Media release | Statement  Media conference Funding for Lending Programme (FLP) announced for deployment in December 2020.
23 September 2020 0.25  Media release    
12 August 2020 0.25  Media release | Statement  Media conference Large-scale Asset Purchase (LSAP) programme expanded to include up to $100 billion of bond purchases.
24 June 2020 0.25  Media release  
13 May 2020 0.25  Media release | Statement  Media conference LSAP programme expanded to include up to $60 billion of bond purchases. NZ government inflation-indexed bonds added to eligible purchases.
7 April 2020 0.25  Media release   $3 billion of Local Government Funding Agency (LGFA) bonds added to potential LSAP.
23 March 2020 0.25  Media release   LSAP of up to $30 billion of NZ government bonds announced.
16 March 2020 0.25  Media release   Forward guidance that OCR will remain at this level for at least 12 months.
12 February 2020 1.0  Media release | Statement  Media conference  
2019
       
13 November 2019 1.0  Media release | Statement  Media conference  
25 September 2019
 1.0  Media release    
7 August 2019
 1.0  Media release | Statement   Media conference  
26 June 2019 1.5 Media release    
8 May 2019 1.5  Media release | Statement   Media conference  
27 March 2019 1.75  Media release    
13 February 2019 1.75  Media release | Statement   Media conference  
2018
       
8 November 2018 1.75  Media release | Statement  Media conference | Highlights (5 min)  
27 September 2018 1.75  Media release    
9 August 2018 1.75  Media release | Statement   Media conference | Highlights (8 min)  
28 June 2018 1.75  Media release    
10 May 2018 1.75  Media release | Statement   Media conference | Highlights (5 min)  
22 March 2018 1.75  Media release    
8 February 2018 1.75  Media release | Statement  Media conference | Highlights (8 min)  
2017
       
9 November 2017 1.75   Media release | Statement Media conference | Highlights (10 min)  
28 September 2017 1.75   Media release    
10 August 2017 1.75  Media release | Statement  Media conference | Highlights (6 min)  
22 June 2017 1.75  Media release    
11 May 2017 1.75  Media release | Statement  Media conference | Highlights (4 min)  
23 March 2017 1.75  Media release    
9 February 2017 1.75  Media release | Statement Media conference | Highlights (10 min)   
2016
       
10 November 2016 1.75  Media release | Statement Media conference | Highlights (5 min)  
22 September 2016 2.0  Media release    
11 August 2016 2.0  Media release | Statement Media conference | Highlights (5 min)  
9 June 2016 2.25  Media release | Statement Media conference | Highlights (8 min)  
28 April 2016 2.25  Media release     
10 March 2016 2.25  Media release | Statement  Media conference | Highlights (4 min)  
28 January 2016 2.5  Media release    
2015
       
10 December 2015 2.5  Media release | Statement  Media conference | Highlights (5 min)  
29 October 2015 2.75  Media release    
10 September 2015 2.75  Media release | Statement  Media conference | Highlights (5 min)  
23 July 2015 3.0  Media release    
11 June 2015 3.25  Media release | Statement Media conference | Highlights (4 min)  
30 April 2015 3.5  Media release    
12 March 2015 3.5  Media release | Statement Media conference | Highlights (6 min)  
29 January 2015 3.5  Media release    
2014
       
11 December 2014 3.5  Media release | Statement  Media conference | Highlights (4 min)  
30 October 2014 3.5  Media release    
11 September 2014 3.5  Media release | Statement Media conference  
24 July 2014 3.5  Media release    
12 June 2014 3.25  Media release | Statement  Media conference  
24 April 2014 3.0  Media release    
13 March 2014 2.75  Media release | Statement  Media conference  
30 January 2014 2.5  Media release    
2013
       
12 December 2013 2.5  Media release | Statement  Media conference  
31 October 2013 2.5  Media release    
12 September 2013 2.5  Media release | Statement   Media conference  
25 July 2013 2.5  Media release    
13 June 2013 2.5  Media release | Statement  Media conference  
24 April 2013 2.5  Media release    
14 March 2013 2.5  Media release | Statement  Media conference  
31 January 2013 2.5  Media release    
2012
       
6 December 2012 2.5  Media release | Statement  Media conference  
25 October 2012 2.5  Media release    
13 September 2012 2.5  Media release | Statement  Media conference  
26 July 2012 2.5  Media release    
14 June 2012 2.5  Media release | Statement  Media conference  
26 April 2012 2.5  Media release    
8 March 2012 2.5  Media release | Statement  Media conference  
26 January 2012 2.5  Media release    
2011
       
8 December 2011 2.5  Media release | Statement  Media conference  
27 October 2011 2.5  Media release    
15 September 2011 2.5  Media release | Statement     
28 July 2011 2.5  Media release    
9 June 2011 2.5  Media release | Statement  Media conference  
28 April 2011 2.5  Media release    
10 March 2011 2.5  Media release | Statement  Media conference  
27 January 2011 3.0  Media release    
2010
       
9 December 2010 3.0  Media release | Statement  Media conference  
28 October 2010 3.0  Media release    
16 September 2010 3.0   Media release | Statement  Media conference  
29 July 2010 3.0  Media release    
10 June 2010 2.75  Media release | Statement  Media conference  
29 April 2010 2.5  Media release    
11 March 2010 2.5  Media release | Statement  Media conference  
28 January 2010 2.5  Media release    
2009
       
10 December 2009 2.5  Media release | Statement  Media conference  
29 October 2009 2.5  Media release    
10 September 2009 2.5  Media release | Statement    
30 July 2009 2.5  Media release    
11 June 2009 2.5  Media release | Statement    
30 April 2009 2.5  Media release    
12 March 2009 3.0  Media release | Statement  Media conference  
29 January 2009 3.5  Media release    
2008
       
4 December 2008 5.0  Media release | Statement    
23 October 2008 6.5  Media release    
11 September 2008 7.5  Media release | Statement    
24 July 2008 8.0  Media release     
5 June 2008 8.25  Media release | Statement    
24 April 2008 8.25  Media release     
6 March 2008 8.25  Media release | Statement    
24 January 2008 8.25  Media release    
2007
       
6 December 2007 8.25  Media release | Statement    
25 October 2007 8.25  Media release    
13 September 2007 8.25  Media release | Statement    
26 July 2007 8.25  Media release    
7 June 2007 8.0  Media release | Statement    
26 April 2007 7.75  Media release     
8 March 2007 7.5  Media release | Statement    
25 January 2007 7.25  Media release    
2006
       
7 December 2006 7.25  Media release | Statement    
26 October 2006 7.25  Media release    
14 September 2006 7.25  Media release | Statement    
27 July 2006 7.25  Media release    
8 June 2006  7.25  Media release | Statement    
27 April 2006 7.25  Media release    
9 March 2006 7.25  Media release | Statement    
26 January 2006 7.25  Media release    
2005
       
8 December 2005 7.25  Statement    
27 October 2005 7.0      
15 September 2005 6.75  Statement    
28 July 2005 6.75      
9 June 2005 6.75  Statement    
28 April 2005 6.75      
10 March 2005 6.75  Statement    
27 January 2005 6.5      
2004
       
9 December 2004  6.5  Statement    
28 October 2004  6.5      
9 September 2004 6.25  Statement    
29 July 2004 6.0      
10 June 2004 5.75  Statement    
29 April 2004 5.5      
11 March 2004 5.25  Statement    
29 January 2004 5.25      
2003
       
4 December 2003 5.0  Statement    
23 October 2003 5.0      
4 September 2003 5.0  Statement    
24 July 2003 5.0      
5 June 2003 5.25  Statement    
24 April 2003 5.5      
6 March 2003 5.75  Statement    
23 January 2003 5.75      
2002
       
20 November 2002  5.75  Statement    
2 October 2002 5.75      
14 August 2002  5.75  Statement    
3 July 2002 5.75      
15 May 2002 5.5  Statement    
17 April 2002 5.25      
20 March 2002
 5.0  Statement    
23 January 2002
 4.75      
2001
       
14 November 2001
 4.75  Statement    
3 October 2001
 5.25      
19 September 2001
 5.25      
15 August 2001
 5.75  Statement    
4 July 2001
 5.75      
16 May 2001
 5.75  Statement    
19 April 2001
 6.0      
14 March 2001
 6.25  Statement    
24 January 2001
 6.5      
2000
       
6 December 2000
 6.5  Statement    
4 October 2000
 6.5      
16 August 2000
 6.5  Statement    
5 July 2000
 6.5      
17 May 2000
 6.5  Statement    
19 April 2000
 6.0      
15 March 2000
 5.75  Statement    
19 January 2000
 5.25      
1999
       
17 November 1999
 5.0  Statement    
29 September 1999
 4.5      
18 August 1999
 4.5  Statement    
30 June 1999
 4.5      
19 May 1999
 4.5  Statement    
21 April 1999
 4.5      
17 March 1999
 4.5  Statement    OCR introduced