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New Zealand Interest Rate

New Zealand's interest rate fell to 2.5% in October 2025 from 3% in August 2025. The Reserve Bank of New Zealand cut the rate by 50 basis points. This decision was prompted by weak domestic economic activity and substantial spare capacity seen through mid-2025. The rate cut aims to stimulate economic recovery by boosting household spending and business investment. Inflation is expected to reach the 2% target midpoint by the first half of 2026. New Zealand's record low interest rate was 0.25% in March 2020 and record high was 8.25% in July 2007.

Historical Data (1999-2025)

(in %)
Date Interest Rate
Oct 08, 2025 2.5%
Aug 20, 2025 3%
Jul 09, 2025 3.25%
May 28, 2025 3.25%
Apr 09, 2025 3.5%
Feb 19, 2025 3.75%
Dec 31, 2024 4.25%
Nov 27, 2024 4.25%
Oct 09, 2024 4.75%
Aug 14, 2024 5.25%
Jul 10, 2024 5.5%
May 22, 2024 5.5%
Apr 10, 2024 5.5%
Feb 28, 2024 5.5%
Dec 31, 2023 5.5%
Nov 29, 2023 5.5%
Oct 04, 2023 5.5%
Aug 16, 2023 5.5%
Jul 12, 2023 5.5%
May 24, 2023 5.5%
Apr 05, 2023 5.25%
Feb 22, 2023 4.75%
Dec 31, 2022 4.25%
Nov 23, 2022 4.25%
Oct 05, 2022 3.5%
Aug 17, 2022 3%
Jul 13, 2022 2.5%
May 25, 2022 2%
Apr 13, 2022 1.5%
Feb 23, 2022 1%
Dec 31, 2021 0.75%
Nov 24, 2021 0.75%
Oct 06, 2021 0.5%
Aug 18, 2021 0.25%
Jul 14, 2021 0.25%
May 26, 2021 0.25%
Apr 14, 2021 0.25%
Feb 24, 2021 0.25%
Dec 31, 2020 0.25%
Nov 11, 2020 0.25%
Sep 23, 2020 0.25%
Aug 12, 2020 0.25%
Jun 24, 2020 0.25%
May 13, 2020 0.25%
Mar 16, 2020 0.25%
Feb 12, 2020 1%
Dec 31, 2019 1%
Nov 13, 2019 1%
Sep 25, 2019 1%
Aug 07, 2019 1%
Jun 26, 2019 1.5%
May 08, 2019 1.5%
Mar 27, 2019 1.75%
Feb 13, 2019 1.75%
Oct 31, 2018 1.75%
Sep 26, 2018 1.75%
Aug 08, 2018 1.75%
Jun 27, 2018 1.75%
May 09, 2018 1.75%
Mar 21, 2018 1.75%
Feb 07, 2018 1.75%
Dec 31, 2017 1.75%
Nov 08, 2017 1.75%
Sep 27, 2017 1.75%
Aug 09, 2017 1.75%
Jun 21, 2017 1.75%
May 10, 2017 1.75%
Mar 22, 2017 1.75%
Feb 08, 2017 1.75%
Dec 31, 2016 1.75%
Nov 10, 2016 1.75%
Oct 31, 2016 2%
Sep 21, 2016 2%
Aug 11, 2016 2%
Jul 31, 2016 2.25%
Jun 08, 2016 2.25%
Apr 27, 2016 2.25%
Mar 10, 2016 2.25%
Feb 29, 2016 2.5%
Jan 27, 2016 2.5%
Dec 10, 2015 2.5%
Nov 30, 2015 2.75%
Oct 28, 2015 2.75%
Sep 10, 2015 2.75%
Aug 31, 2015 3%
Jul 23, 2015 3%
Jun 11, 2015 3.25%
Jul 24, 2014 3.5%
Jun 12, 2014 3.25%
Apr 24, 2014 3%
Mar 13, 2014 2.75%
Mar 10, 2011 2.5%
Jul 29, 2010 3%
Jun 10, 2010 2.75%
Apr 30, 2009 2.5%
Mar 12, 2009 3%
Jan 29, 2009 3.5%
Dec 04, 2008 5%
Oct 23, 2008 6.5%
Sep 11, 2008 7.5%
Jul 24, 2008 8%
Jul 26, 2007 8.25%
Jun 07, 2007 8%
Apr 26, 2007 7.75%
Mar 08, 2007 7.5%
Dec 08, 2005 7.25%
Oct 27, 2005 7%
Mar 10, 2005 6.75%
Oct 28, 2004 6.5%
Sep 09, 2004 6.25%
Jul 29, 2004 6%
Jun 10, 2004 5.75%
Apr 29, 2004 5.5%
Jan 29, 2004 5.25%
Jul 24, 2003 5%
Jun 05, 2003 5.25%
Apr 24, 2003 5.5%
Jul 03, 2002 5.75%
May 15, 2002 5.5%
Mar 20, 2002 5%
Nov 14, 2001 4.75%
Sep 19, 2001 5.25%
May 16, 2001 5.75%
Apr 19, 2001 6%
Mar 14, 2001 6.25%
May 17, 2000 6.5%
Apr 19, 2000 6%
Mar 15, 2000 5.75%
Jan 19, 2000 5.25%
Nov 17, 1999 5%
Mar 17, 1999 4.5%

Recent Events

datetime event actual previous consensus
2025-10-07 09:00 PM RBNZ Interest Rate Decision 2.5% 3% 2.75%
2025-08-19 10:00 PM RBNZ Interest Rate Decision 3% 3.25% 3%

Next Release Date :

New Zealand Interest Rate : Definition
The Interest Rate set by the Reserve Bank of New Zealand is the benchmark cost of borrowing in the economy. It influences lending, spending, investment, inflation, and overall financial stability.
Indicator Last Value Prior Value Period
Current Account to GDP Ratio -5.7% -6.6% Dec'24
Government Net Debt to GDP 45.2% 39.3% Dec'24
Private Credit (% GDP) 141.22% 146.12% 2023