Key OCR Dates for 2024

When the Official Cash Rate (OCR) changes, so too does the cost of borrowing and servicing a mortgage.  Moves in the OCR does not change all mortgage rates to the same extent with the biggest impact being on shorter mortgage terms, for example terms of a year or less.  So, you can see why a lot of us keep an eye on these announcements.

There are two categories of OCR announcements throughout the year. The more comprehensive ones are the Quarterly Monetary Policy Statements (highlighted in bold), often involving revisions to Reserve Bank of New Zealand. On the other hand, Monetary Policy Reviews serve as interim updates or check-ins between the more detailed announcements.

Here’s the full list of dates for 2024:

• 28^nd February - Monetary Policy Statement & OCR
• 10^th April - Monetary Policy Review & OCR
• 222^th May - Monetary Policy Statement & OCR
• 10^th July - Monetary Policy Review & OCR
• 14^th August - Monetary Policy Statement & OCR
• 9^th October - Monetary Policy Review & OCR
• 27^th November - Monetary Policy Statement & OCR