A delicate balancing act for the RBNZ

New Zealand is well-placed for growth, but the central bank's decision to make room for an unprecedented construction boom is not without its risks.

After four consecutive meetings where it hiked rates, the Reserve Bank of New Zealand left interest rates unchanged at its September meeting as it takes the opportunity to monitor the effects of tighter policy and the recent decline in commodity prices.

The cash rate in New Zealand remained at 3.5 per cent in September. Rates have increased by 100 basis points since the RBNZ began its tightening phase in March.

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