Government’s housing moves take pressure off RBNZ

New tax policies aimed at reducing the appeal of housing as an investment asset in New Zealand, together with the RBNZ’s macroprudential policies, should lead to lower house price growth in the months ahead. That will take a little bit of pressure off the RBNZ to tighten policy. But we still think improvements in the macroeconomy will cause the RBNZ to hike rates in 2022.

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