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Committee agreed that monetary conditions are restricting spending and reducing inflationary pressure as anticipated.

Committee agreed that interest rates will need to remain at a restrictive level for the foreseeable future.

Inflation remains too high.

Committee noted that monetary conditions have continued to tighten.

Committee noted inflation is still expected to decline within the target band by the second half of 2024.

Monetary policy in New Zealand reached a more restrictive level earlier than in many other economies.

Recent data suggest that tight monetary conditions are constraining domestic spending as expected.

Employment remains above its maximum sustainable level, however recent indicators suggest that labor market conditions are easing.

Labour shortages have started to ease, partly in response to the recent arrival of more migrants.