Barry Soper: political editor on the OCR rate hike and what it means for 2023 - Heather du Plessis-Allan Drive

The Reserve Bank has just pushed the OCR up by 75 basis points, which has put it up to 4.25 percent now.

This is the highest level the OCR has been at since 2008, and speculation forecasts that it'll peak at 5.5 percent and cause New Zealand to enter a recession by next year.

Political editor Barry Soper says that this creates a negative precedent for 2023, and these rates are set to backfire on recent home buyers.

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