The Reserve Bank has decided to leave official interest rates unchanged at 5.25%.
This follows yesterday's board meeting, where it considered whether there was a need to further increase rates to rein in the strong domestic economy - especially the housing market.
Data released on Tuesday showed the 0.5 percentage point increase in rates had begun to slow growth in
dwelling approvals; while signs are emerging that house price growth has begun to slow.
Additionally, a slowdown in housing and vehicle-related activity is starting to be felt among manufacturers, a
new survey released this week shows.