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SYDNEY - The Organisation for Economic Co-operation and Development said on Monday that New Zealand's monetary policy must remain restrictive until inflation is brought within the central bank's target range, and urged the government to curb spending.
Though rate hikes since October 2021 had led to a marked increase in financing costs and slowed the economy, inflation was likely to be persistent as high migration had pushed domestic demand higher than RBNZ's expectations, OECD said. "The pandemic and spending overruns led to a permanent increase in the government spending to GDP ratio, resulting in a substantial deterioration of New Zealand's fiscal position."The New Zealand government said the report reinforced the importance of bringing government spending under control.
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