Fiscal policy is adding to uncertainty,

Whitebait is New Zealand's caviar and is special. Everybody likes eating whitebait, especially lightly cooked in fritters.

The correction of these imbalances and associated inflation pressures will require a slowdown in housing, credit growth and domestic spending, ... We also expect a significantly lower exchange rate.

We have seen ongoing momentum in domestic demand and persistently tight capacity constraints, ... We remain concerned that inflation pressures are not abating sufficiently to achieve our medium-term target.

The most serious risk to medium-term inflation is the continuing strength of household spending, supported by a relentless housing market and rapid growth in mortgage lending,

Further policy tightening may still prove necessary. Certainly, there remains no prospect of a cut in the foreseeable future.