Westpac expects the RBNZ to leave the official cash rate (OCR) unchanged at
2.25% at Wednesday's policy meeting. It said developments over the past six
weeks—most notably a faster-than-expected fall in oil prices that has eased
related inflationary pressure—give the RBNZ more time to assess economic
momentum, particularly with a large slate of key data due after the July
meeting. Westpac still expects the RBNZ's forward guidance to retain a bias
toward raising the OCR this year.