The Reserve Bank today hiked the OCR up further, citing high inflation for the move.
The cash rate has been lifted 0.25 basis points to 5.5 percent, and Governor Adrian Orr says rates will need to stay elevated to ensure inflation gets back below 3 percent.
Milford Asset Management analyst Katlyn Parker says holding rates to this level while forecasting negative growth and rising unemployment is an 'interesting scenario'.
"The RBNZ can claim the impact of fiscal spending post- Budget and also the record levels of migration that we are receiving at the moment, that was definitely a surprise. Both are real risks for inflation."
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