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.
Recently, there have been some signs of a pick-up in inflation there and it will be worth watching what happens quite closely over the next few months. For us, here in Australia, the continuing low wages growth means that CPI inflation is also likely to remain relatively low.