VIEW: (further to the earlier bullet)..........>

RBNZ: VIEW: (further to the earlier bullet) Westpac are reaffirming their view

"that the RBNZ will keep the OCR on hold at 1.5% for the remainder of 2019. This

is a finely balanced call. A follow-up cut is possible if the data weakens

further. But as we said on April 3, we expect an economic pickup later this year

to remove thoughts of another OCR cut. Previously, we thought that the

introduction of capital gains tax (CGT) would prompt an OCR cut in 2020. But the

Government has cancelled CGT. That, combined with low mortgage rates, has seen

us shift to forecasting 7% house price inflation next year. Under such

conditions, we no longer see a rationale for cutting the OCR in 2020. We are now

forecasting no change in the OCR until mid-2022."