A review of monetary policy in New Zealand contains a key lesson for Australia: interest rates were increased too slowly after the worst of the pandemic passed.
Interest rates began rising in Australia in May, seven months behind New Zealand’s first interest rate increase since COVID-19 caused central banks to slash borrowing rates to near-zero in early 2020.
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John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury. Connect with John on Twitter. Email John at jkehoe@afr.com
