Browser issue

It looks like the browser you're using doesn’t work well with our website. For a better experience, please update to the latest version of Chrome, Edge, Firefox or Safari.

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:
Updated:

Official Cash Rate (OCR) (updated at end of month)

Timeline of our OCR announcements since November 1999

Our Monetary Policy Committee (MPC) reviews the OCR 7 times a year.

We publish our Monetary Policy Statement 4 times a year.

Monetary Policy Reviews (MPRs) give an interim update on the monetary policy outlook and settings between each Monetary Policy Statement. There is no media conference or published statement for the Monetary Policy Review.

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