This year is set to be harder than the last for many New Zealanders.
The Reserve Bank has opted to keep the Official Cash Rate unchanged at 5.5%, in line with most economists' expectations.
It isn't expected to cut the OCR for a while, possibly not until the middle of next year.
Westpac Senior Economist Kelly Eckhold told Mike Hosking that some households will be finding it harder to pay their bills.
He says the unemployment rate is at 4%, which is not particularly high by New Zealand standards, but it will probably reach about five during the year.
LISTEN ABOVE
See omnystudio.com/listener for privacy information.
Popular Podcasts
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.