I will discuss the main issues that we are currently focusing on in the Reserve Bank – especially in relation to dairy prices, oil prices, house prices, and the exchange rate, and their implications for monetary policy. Let me turn first to the global outlook.
A more risky and uncertain global economy We expect economic growth in New Zealand’s trading partners of around 3 ¾ percent this year – a little higher than last year and slightly above the average growth rate over the past 30 years. Growth in trading partner economies (Annual percentage change)  Source: Haver Analytics, RBNZ estimates.