The Reserve Bank\u2019s assessment that the economic recovery is resuming and expected to broaden, has been welcomed by Finance Minister Nicola Willis.<\/p>\n
Announcing a 0.25 basis point lift in the Official Cash Rate today to 2.75 per cent, the Reserve Bank said it expected the recovery to strengthen and broaden, the export sector to remain resilient and household spending to increase. <\/p>\n
The bank also expects purchasing power to increase as inflation returns to the mid-point of its target range. <\/p>\n
\u201cThe bank\u2019s assessment demonstrates the economy has proved to be more resilient in the face of the Middle East conflict than many commentators thought,\u201d Nicola Willis says.<\/p>\n
\u201cUnlike some previous upturns, this recovery is being driven by the export sector rather than rising house prices. That augurs well for the future. <\/p>\n
\u201cMany people are doing it tough and we still have a way to go but New Zealanders can take heart from the resilience shown by the economy.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The Reserve Bank\u2019s assessment that the economic recover 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