Shorter summer gap aims to boost policy responsiveness
The Reserve Bank has released its official cash rate (OCR) and Financial Stability Report (FSR) dates for August 2026 to February 2027, and shared insights on how lessons from the COVID-19 era continue to shape its monetary and fiscal policy approach.
Chief economist Paul Conway (pictured) said the Reserve Bank’s main focus when setting the schedule was data availability, ensuring policy decisions are informed by the most up-to-date information.
“Our primary consideration when scheduling monetary policy decisions is data availability, to enable decisions to be made with as much information as possible,” Conway said.
Shorter summer gap for monetary policy decisions
Conway said analysis of the past nine years found no evidence that the 12-week summer gap between OCR announcements caused market divergence.
“That is, financial markets have adjusted to any new information available in a manner consistent with the MPC’s likely response, or ‘reaction function’,” he said.
However, Conway acknowledged the perception that the gap between November and February was “too long and have sought ways to reduce it within the confines of data availability.”
The revised 2026/27 schedule maintains seven OCR decisions a year, including four monetary policy statements (MPS), but shortens the gap between December and February decisions. RBNZ will continue reviewing its timing as new data emerges, including the planned introduction of monthly CPI releases from 2027.
Conway noted that the Monetary Policy Committee (MPC) can also make unscheduled decisions when financial or economic conditions warrant it.
Upcoming OCR and Financial Stability Report dates
- Sept. 2, 2026 – Monetary Policy Statement
- Oct. 28, 2026 – Monetary Policy Review
- Dec. 9, 2026 – Monetary Policy Statement
- Feb. 17, 2027 – Monetary Policy Statement
- Nov. 11, 2026 – Financial Stability Report
Policy coordination key to managing future shocks
Speaking at the Citi Australia & New Zealand Investment Conference, Conway reflected on how monetary and fiscal policy coordination during COVID-19 helped steady the economy.
“COVID-19 gave us a crash course on how monetary and fiscal policy can interact in times of extreme economic turbulence,” he said. “It’s important that we learn from that and carry these lessons forward to be ready for the next major shock.”
He said Large-Scale Asset Purchases (LSAPs), RBNZ’s main stimulus tool during the pandemic, were vital in stabilising markets and supporting inflation goals.
“Our work to date shows that LSAPs stabilised volatile financial markets and helped prevent inflation from undershooting the target midpoint,” Conway said.
By supporting broader economic activity, LSAPs also boosted government tax revenue.
“Indeed, the additional government revenue generated by LSAPs largely offset their direct costs,” Conway said.
Independence remains essential to credibility
While monetary and fiscal authorities may align during crises, Conway said independent monetary policy remains vital to maintaining credibility.
“Even in a crisis, independent monetary policy is essential to keep inflation expectations anchored and central bank credibility intact,” he said.
Conway concluded that RBNZ is focused on applying the lessons of the pandemic to ensure the economy remains resilient.
“By carrying forward the lessons of the pandemic, we can ensure New Zealand remains prepared for whatever economic shock lies ahead.”
What advisers need to know
For mortgage advisers, the new OCR schedule signals greater policy continuity and improved responsiveness over summer, while RBNZ’s post-COVID insights reinforce its commitment to transparency, stability, and independence.
Together, these updates highlight a central bank fine-tuning its approach — balancing data-driven decisions with real-world crisis lessons to better navigate future shocks.
For more information, head over to the RBNZ news page.
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