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New Zealand Economic and Financial Overview 2015

Interest Rates and Money and Credit Aggregates

The following tables show developments in major interest rates and money and credit aggregates since the March quarter of 2010.

Table 20 - Interest Rates: Monthly Averages
    Overnight
Cash Rate
90-Day
Bank Bill Rate
Government Loan
Stock Rates
Business Base
Lending Rates(1)
  Month     2 Year 5 Year 10 Year  
2010 March 2.35 2.67 3.73 5.09 5.86  9.84
  June 2.49 3.07 3.75 4.85 5.51  9.85
  September 2.91 3.18 4.06 4.55 5.28 10.06
  December 2.88 3.17 4.08 4.79 5.82 10.19
2011 March 2.50 2.69 3.46 4.32 5.58 10.03
  June 2.46 2.65 3.20 3.99 5.04 10.00
  September 2.39 2.88 2.96 3.45 4.41 10.01
  December 2.34 2.69 2.46 3.39 3.91 10.05
2012 March 2.43 2.74 3.11 3.71 4.17 10.05
  June 2.43 2.61 2.37 2.83 3.40 10.10
  September 2.49 2.64 2.55 2.94 3.57 10.06
  December 2.51 2.65 2.54 2.91 3.55 9.60
2013 March 2.47 2.64 2.58 3.05 3.72 9.64
  June 2.47 2.64 2.73 3.16 3.83 9.61
  September 2.50 2.65 3.03 4.22 4.70 9.58
  December 2.50 2.73 3.19 4.27 4.76 9.59
2014 March 2.65 3.05 3.26 4.11 4.58 9.70
  June 3.13 3.52 3.50. 4.08 4.42 10.16
  September 3.46 3.71 3.56 4.01 4.19 10.44
  December 3.40 3.67 3.56 3.67 3.77 10.37

(1) Weighted aggregate rate: new overdraft loans for small-to-medium size non-farm enterprises.

Source: RBNZ

Table 21 - Money and Credit Aggregates: Annual % Changes
  Quarter M1(1) M3 Private
Sector Credit
Domestic
Credit
2010 March 0.6 0.2 1.1 3.0
  June 1.2 0.3 1.3 3.3
  September 4.7 1.7 0.2 2.2
  December 5.6 3.2 0.5 1.6
2011 March 9.1 5.9 1.9 2.1
  June 10.0 7.3 1.7 1.3
  September 9.1 5.4 1.2 1.0
  December 8.0 6.5 1.7 2.2
2012 March 4.4 5.1 1.9 2.8
  June 7.3 5.9 2.4 4.3
  September 5.2 6.6 3.2 5.0
  December 7.0 6.0 3.6 3.6
2013 March 9.7 7.0 4.2 4.1
  June 8.0 6.2 4.4 3.6
  September 9.4 7.3 4.8 3.9
  December 9.5 5.8 5.1 4.2
2014 March 7.6 5.0 4.3 4.8
  June 8.3 5.4 4.4 5.4
  September 5.9 5.3 4.9 5.2
  December 6.2 6.3 4.5 5.2

(1) M1 figures include currency in the hands of the public and cheque account balances only.

Source: RBNZ

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