ANZ forecasts New Zealand employment rise amid RBA policy signals
What happened
ANZ expects employment in New Zealand to rise by 0.3%, with the unemployment rate remaining at 5.6%. Westpac forecasts employment will rise 0.5%, and the rate will slip to 5.5%. These forecasts are relevant as the Reserve Bank of Australia surprised markets on October 28 by holding the OCR at 2.75%, citing subdued wage growth and softer Q3 inflation.
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Why it matters
The forecasts for New Zealand employment and wage growth are key inputs for the Reserve Bank of Australia's monetary policy decisions. The RBA's recent decision to hold interest rates despite market expectations for a hike highlights the influence of wage and inflation figures on interest rate policy.
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Who's involved
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- National Australia BankSpeculative
Might see changes in the AUD/NZD market price due to Reserve Bank of Australia hawkishness.
- WestpacSpeculative
Might see changes in the AUD/NZD market price due to Reserve Bank of Australia hawkishness.
- Commonwealth BankSpeculative
Might see changes in the AUD/NZD market price due to Reserve Bank of Australia hawkishness.
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The entities involved
Related events
- Breman's vote influenced RBNZ policy in New Zealand, while ANZ economists provided forecasts and Zollner commented on the NZ economic outlook.
- Zollner, chief economist at ANZ, tracked the New Zealand economy via the ANZ Business Outlook.
- Bank of New Zealand and ANZ were named as Joint Lead Managers for a Retail Offer in January 2026.