OCR hiked for first time in years; Ferries cancelled, SH1 at Kaikōura badly damaged after severe weather; Shark attack survivor draws comfort from support of Kiwi whānau
Official cash rate hiked for first time in years, further rate rises ahead
The Reserve Bank raised the official cash rate (OCR) to 2.50% this afternoon, warning more increases are likely as it battles to tame inflation.
The monetary policy committee lifted the OCR by 0.25%, the first move in a tightening cycle aimed at returning inflation to the 2% mid-point of its target range by mid-2027.
The partial reopening of the Strait of Hormuz has pushed global oil prices lower and eased near-term pressures but the committee cautioned the effects of the oil shock would take time to fade.
Weather: Ferries cancelled, SH1 at Kaikōura badly damaged
Severe weather in the South Island is moving away from Kaikōura after two months' worth of rain fell on the town in 48 hours, according to MetService.
Floodwaters in Kaikōura were receding and building inspections were being carried out, the council said. The system was now tracking north towards Marlborough.
Red severe weather warnings had lifted, however heavy rain watches were in place for parts of Otago, Canterbury and Marlborough.
Shark attack survivor draws comfort from support of Kiwi whānau
Schoolteacher Leah Stewart, who was mauled by a shark while swimming at a Sydney beach last month, says messages of support from family in New Zealand have given her comfort during a difficult recovery, according to her brother.
Josh Stewart, who set up a GoFundMe page for his sister, said in a weekend update that Leah had struggled to sleep since the attack and had spent difficult nights reading messages of support — not only from family and friends in Australia, but from her "whānau in New Zealand", and people around the world
Watch: Prince Harry verdict revealed in lawsuit against tabloid newspaper
Harry and six others had sued Associated Newspapers Limited for unlawful information gathering, alleging that they had been the victims of phone hacking and other illegal activities.
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