It’s being predicted that interest rates won't be going down for some time.
Despite inflation in line with expectations of 4.7%, non-tradable inflation is still high at 5.9%.
The Reserve Bank is also contending with slow employment growth, weaker business investment, and weaker global growth.
Former Finance Minister Steven Joyce told Mike Hosking that ongoing struggles with non-tradable inflation will keep interest rates higher for longer.
He says they might change interest rates earlier in the year, but if they do, the risk is they'll have to reverse course as the year goes on.
Reserve Bank Chief Economist Paul Conway will deliver a keynote speech on the economy this morning.
LISTEN ABOVE
See omnystudio.com/listener for privacy information.
Popular Podcasts
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.
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
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.