RBNZ press conference sees Orr ready to hold on rates for "an extended period of time"

The Reserve Bank of New Zealand (RBNZ) and its Governor, Adrian Orr, held a press conference following their rate statement earlier.

Key highlights

RBNZ can keep OCR at the current level for "a considerable amount of time".

Risks are balanced.

Decision to hold rates was unanimous.

OCR at 1.7% to remain, chance of movement equally balanced between up and down.

Keeping rate at 1.75% is the best way to maintain employment and push inflation towards 2%.

Lack of wage growth is still vexing the RBNZ.

RBNZ intends to communicate clearly to a wide audience.