BNZ Bank's chief economist Tony Alexander expects the Official Cash Rate to stay the same for at least two years, he says.
In his latest market report, Mr Alexander said he expected the Reserve Bank to keep the rate at 2.5 percent until 2018.
But the bank would be cautious because of excess production worldwide, especially in China, Mr Alexander said.
"A few too many factories, one could say, over there, and there also appears to be a wee bit too much oil sloshing around the world, excess production of coal, iron ore etc, so global inflation is also being kept low because of that."
However, it would open the door to another rate cut if the Chinese market were to deteriorate further, Mr Alexander said.
Oil prices have hit a new 11-year low, adding weight to calls for more cuts in the Reserve Bank's official cash rate and casting doubt on the future direction of commodities markets.
While most commercial banks expect the official cash rate to form a base at 2.5 per cent, both ASB Bank and Westpac expect to see two more cuts, which would see the rate at 2 per cent.
Oil is one of the key inputs for the CPI.
"And the environment that we are in, the outlook for inflation is benign, and that's one of the reasons why we see the Reserve Bank cutting the official cash rate to 2 per cent," said Westpac senior economist Anne Boniface. "Weaker oil prices - depending on what's a happening with the New Zealand dollar - tends to put downward pressure on inflation," she said.
Fuel Pricing
Breaking down the cost of fuelling up
Want to know why your tank of fuel costs what it does? Here’s the lowdown.
The cost of fuel at the pump is made up of four parts.
1. What we pay
We buy crude oil as well as refined petrol and diesel. The amount we pay is made up of:
the cost of petrol and diesel on the international market
the cost to ship fuel to New Zealand
Like the rest of the world, we buy fuel in United States dollars (USD). So the price we actually pay for each barrel of oil also depends on how strong the New Zealand dollar (NZD) is against the USD.
2. Government taxes & levies
A good chunk of the cost of each litre of fuel you buy is made up of Government taxes and levies. This includes GST, excise tax, ACC and emissions trading levies for petrol, and monitoring and emissions trading levies for diesel. At the moment, 67.13 cents per litre is collected by the government in fixed excise (excluding GST). In addition, a GST of 15% is collected on the overall price of fuel.
3. Operating costs
Our operating costs include staff wages, the stuff we use to bring fuel to you like shipping, storage tanks and trucks, electricity, credit card fees and all the other things we need to run our business.
4. Our net profit
After we’ve paid for fuel, taxes and levies and accounted for our operating costs, we earn a net profit of about 4-6 cents per litre across our network. You don’t just have to take our word for it – we’re a publicly listed company so it’s easy to find out how much money we are making by visiting our Investor Centre.作者: paulwood 时间: 2016-1-11 13:07:35