RBNZ Says Interest Rates Need to Remain at Restrictive Level

The transcript discusses the decision to increase the official cash rate (OCR) from 5.25% to 5.50% to manage inflation and spending. It introduces the novel voting process used by the committee to reach this decision, emphasizing the importance of the MPC charter and effective decision-making frameworks. The committee did not reach a consensus on the OCR, leading to a vote, which was published in the meeting record. The transcript concludes with a statement of confidence in the decision-making process and the collaborative nature of the committee.

What was the outcome of the vote regarding the OCR?

How did the Committee feel about the decision-making process during the meeting?