The Bank decided to introduce “Quantitative and Qualitative Monetary Easing (QQE) with a Negative Interest Rate” at the Monetary Policy Meeting held on January 28 and 29, 2016.
But the current  2  IMF, April 2013, “New Zealand – Staff report for the 2013 Article IV Consultations”. BIS central bankers’ speeches  5  supply/demand imbalance in Auckland is very large and it could take several years to address this through supply measures alone.