Some good news, and some bad news, from the Reserve Bank.
The central bank has hiked the Official Cash Rate by a further 25 basis points to 5.5 percent.
But it's also indicated no further hikes are likely, before the OCR starts coming down towards the end of next year.
Weakening is already being felt in the retail sector, where new figures show spending is continuing to slide.
Retail NZ Chief Executive Greg Harford told Kate Hawkesby the OCR hike will push spending down even further.
LISTEN ABOVE
See omnystudio.com/listener for privacy information.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations.
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.
The Nikki Glaser Podcast
Every week comedian and infamous roaster Nikki Glaser provides a fun, fast-paced, and brutally honest look into current pop-culture and her own personal life.