Although the BES represents a significant expansion in the Reserve Bank’s expectations data, officials say that further observations over time will be needed to assess how the results relate to inflation outcomes.
“We anticipate that the results of this survey will become key statistical series used by central banks, researchers, financial institutions and commentators,” the Reserve Bank said.
The survey forms part of the Reserve Bank’s broader efforts to strengthen its data foundations following its 2022 review into the formulation and implementation of monetary policy. That review identified the need for improved data to support decision-making, particularly around how expectations influence price- and wage-setting behaviour.
In a separate update, the Reserve Bank also began publishing two new daily data series from May 12, 2025 on Table B2. These include the Overnight Deposit Rate, which reflects the interest ESAS account holders earn for overnight balances, and the Overnight Reverse Repo Rate, the rate charged to borrow funds through the central bank’s overnight lending facility. Such additions aim to improve transparency and provide greater insight into how monetary policy is transmitted through wholesale interest rates in New Zealand markets.