Some good news, and some bad news, from the Reserve Bank.
The central bank has hiked the Official Cash Rate by a further 25 basis points to 5.5 percent.
But it's also indicated no further hikes are likely, before the OCR starts coming down towards the end of next year.
Weakening is already being felt in the retail sector, where new figures show spending is continuing to slide.
Retail NZ Chief Executive Greg Harford told Kate Hawkesby the OCR hike will push spending down even further.
LISTEN ABOVE
See omnystudio.com/listener for privacy information.
Las Culturistas with Matt Rogers and Bowen Yang
Ding dong! Join your culture consultants, Matt Rogers and Bowen Yang, on an unforgettable journey into the beating heart of CULTURE. Alongside sizzling special guests, they GET INTO the hottest pop-culture moments of the day and the formative cultural experiences that turned them into Culturistas. Produced by the Big Money Players Network and iHeartRadio.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.