Official cash rate remains unchanged at 1.75 per cent

There is good news for mortgage holders as the Reserve Bank has stated there will be no change to official cash rate.

The interest rate will remain at 1.75 per cent, with many economists expecting it to remain unchanged until at least next year.

In its statement Acting Governor Grant Spencer noted longer term inflation expectations are well at anchored at 2 percent.

Mr Spencer says Monetary policy will remain accommodative for a considerable period. He says numerous uncertainties remain and the policy may need to adjust accordingly.

The decision comes amid steady wage growth and low inflation in the Kiwi economy.

The Reserve Bank has previously said it doesn't foresee any rate changes until 2020.