The Reserve Bank is set to make their next OCR announcement in a month, and predictions say it'll make a 75 basis point hike.
This will take the OCR to 5 percent, but economists are wondering if that will be the ceiling for rate hikes.
HSBC Chief Economist Paul Bloxham speculates that this upcoming rate hike may be the last one we're faced with for a while because the economy is already starting to slow down.
"The economy's already weakening, the housing market's already weakening substantially, we've got very clear weakness in business confidence and consumer confidence. We think the next cab off the rank is for the labour market to show clearer signs of weakening as well."
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