Mortgage rates and interest rates on savings could rise after the Reserve Bank defied bank forecasts and elected to keep the Official Cash Rate (OCR) on hold at 1 per cent. But the Reserve Bank's decision to instead keep the OCR on hold means banks will be scrambling to reassess the outlook for next year. The New Zealand dollar rose by the best part of a US cent and an Australian cent after the Reserve Bank announced the OCR was on hold at 1 per cent. 123rf.com Wednesday's Reserve Bank decision had been described ahead of time by Westpac as a "nail biter". "What the Reserve Bank governor suggests is heading into 2020 those things will see our growth rates increase."

Source: Stuff November 13, 2019 01:02 UTC