New Zealand takes rate hikes in its stride

New Zealand is on course for solid growth in the coming year, though some sectors will struggle as the rebuilding of Christchurch and Canterbury sucks resources away from other parts of the economy.

The Reserve Bank of New Zealand (RBNZ) left interest rates unchanged at its October meeting, following four rate hikes earlier this year. With inflation well contained -- at least for now -- the bank can afford to take a step back and monitor the effects of tighter policy on economic conditions.

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

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