The RBNZ Governor spoke to the Peterson Institute in the United States today.
A whopper 100bp hike was also considered by the monetary policy committee.
Philip Lowe says inflation must be temporary in order to avoid mass economic pain.
Net migration loss of 8400 people in year to September, with concern about the economic impact.
Westpac predicts 5% OCR and unemployment rising to 4.5%, in latest economic outlook.
Business survey reveals more gloom about the economic outlook.
With hindsight, central bank could have tightened monetary policy earlier in 2021, its monetary policy review found.
Business survey shows OCR predicted to rise by, on average, 65 basis points this quarter.
The Finance Minister said he had full confidence in the Reserve Bank governor.
The RBNZ says a reduction in household spending could have negative flow-on effects for businesses.