Reserve Bank of New Zealand report is due at 2100GMT on Tuesday 29 May 2018 (9am local time in NZ on Wednesday May 30).
This will be followed by a press conference from Governor Orr at 11am local time (2300GMT)
This, in turn, will be flowed by testimony by Orr to a Parliamentary Committee (on the FSR) at 0110GMT
Whew … I hope someone buys the man a drink after all that!
Westpac have sent a preview of the Report ….
- The RBNZ's six-monthly review of the financial system provides a window of opportunity to review the loan-to- value restrictions on mortgage lending. Last November the RBNZ eased the LVR restrictions, albeit only slightly, and indicated the criteria for a further easing. House price and credit growth would need to slow to more sustainable rates, and the RBNZ would need to be satisfied that an easing wouldn't lead to a resurgence in the housing market.
- House price inflation is running at or below household income growth, and credit growth has slowed. A range of new Government policies aimed at cooling the housing market are in progress.
- Our forecasts assume some further easing of the LVR restrictions over this year. It's quite possible that the RBNZ will move as early as this month, even if it's just an incremental move along the way.
