OCR unchanged at 2.5 percent

The Reserve Bank today left the Official Cash Rate (OCR) unchanged at 2.5 percent.

Reserve Bank Governor Graeme Wheeler said: “We project the economy to grow at an annual rate of between 2 and 3 percent over the forecast period. Inflation is expected to rise gradually towards the 2 percent midpoint of the target range. There are both upside and downside risks to this outlook. At this point we expect to keep the OCR unchanged through the end of the year.”

At auction yesterday there was a determined tussle for a renovated 3 bedroom weatherboard townhouse @ 1/98 Astley Avenue in New Lynn.  It was “on the market and selling” @ $500,000, but dogged bidding in $500 to $1,000 lots amongst 3 parties saw the winner outlast the others @ an eventual $541,500.