The Reserve Bank says we may be seeing a fundamental change in the way our economy operates
The Reserve Bank says we may be seeing a fundamental change in the way our economy operates
19 February 2026
The central bank's forecasting only modest growth in house prices, following its decision to keep the OCR unchanged at 2.25 percent.
Chief Economist Paul Conway says consumer spending will now be driven more by incomes than house prices.
He says the housing market seems to be working differently to how it's worked before.
Conway says there have been structural changes, which mean higher demand for housing results in more sales and construction, rather than higher prices.
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