RBNZ says next rate move is likely down

Balance to inflation risks have shifted to downside

Employment is near its maximum sustainable level

Core consumer price inflation remains below our 2 percent target mid-point, necessitating continued supportive monetary policy

Global economic outlook has continued to weaken

Domestic growth slowed in 2018, with softness in the housing market and weak business investment contributing

We expect ongoing low interest rates, and increased government spending and investment, to support economic growth over 2019

Balance of risks to this outlook has shifted to the downside

inflation could rise faster if firms pass on cost increases to prices to a greater extent