New Zealand interest rate
Reserve Bank of New Zealand
- Policy rate
- 2.75%
- Sep 18, 2026
- Last move
- +0.25 pt
- Sep 18, 2026
- Inflation
- –
- not available
- 10-year bond yield
- 4.71%
- Aug 2026
The policy rate set by the Reserve Bank of New Zealand is 2.75% as of Sep 18, 2026. Its most recent move: it raised its rate from 2.50% to 2.75% (Sep 18, 2026). The rate is 0.25 percentage points lower than a year earlier.
Policy rate over the past two years
Sep 18, 2026: 2.75%
Rate changes
| When | Decision | From | To | Change |
|---|---|---|---|---|
| Sep 18, 2026 | Hike | 2.50% | 2.75% | +0.25 pt |
| Jul 2026 | Hike | 2.25% | 2.50% | +0.25 pt |
| Nov 2025 | Cut | 2.50% | 2.25% | −0.25 pt |
| Oct 2025 | Cut | 3.00% | 2.50% | −0.50 pt |
| Aug 2025 | Cut | 3.25% | 3.00% | −0.25 pt |
| May 2025 | Cut | 3.50% | 3.25% | −0.25 pt |
| Apr 2025 | Cut | 3.75% | 3.50% | −0.25 pt |
| Feb 2025 | Cut | 4.25% | 3.75% | −0.50 pt |
| Nov 2024 | Cut | 4.75% | 4.25% | −0.50 pt |
| Oct 2024 | Cut | 5.25% | 4.75% | −0.50 pt |
Changes between month-end rates, plus the latest daily reading. Two decisions in one month show up as a single change.
10-year government bond yield
Aug 2026: 4.71%
Other central banks in Oceania
Source: BIS; bond yield: OECD. Updated daily. All central bank rates · New Zealand economy dashboard